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Soybean (ZS) Rebounds Above Key 1500 Level From New 2023 Low

Soybean (ZS) Rebounds Above Key 1500 Level From New 2023 Low

Posted April 3, 2023 at 1:46 am
Darren Chu
Tradable Patterns

Soybean (ZS) Rebounds Above Key 1500 Level From New 2023 Low

Soybean (ZS) is consolidating to start the week following last week’s strong rebound off a fresh 2023 low.  ZS is suddenly nearing its March high, but will likely spend this week catching its breath ahead of next Monday’s highly anticipated WASDE.  With ZS testing upchannel resistance (on the 4hr chart), odds are elevated for healthy profittaking in the next few days to take ZS back to the psychologically key 1500 whole figure level.  Congratulations to Premium Members alerted Aug 24, 2020 to ZS remaining in play for a pending rally continuation and to those warned of the short opportunity Jun 14, 2021 and who benefited.  The weekly, daily and 4hr RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains.  I am looking to enter long in the green zone (of the daily chart), targeting the red zone for Friday.  The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter).  Click here for analysis on WHEAT, USDCHF

Source: Interactive Brokers TWS

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