I did a YouTube video this morning about /ZW, since then it has pulled back even more … but that is not a bad thing.
Right now Wheat as moved down below the 20 EMA an is approaching the 30 EMA which is right at a 61.8% Fibonacci retracement on my moving average chart.
On the Bollinger Band chart we are trading at the mean.
The are all good things if we are looking for a long entry.
There are some worries however.
We are right in the middle of two weekly trend lines. Meaning we have no support anytime soon from the weekly chart.
In addition the current price action looks very bad is we are looking for a long today, RSI is squarely in the middle as well.
We are trading at a price level support area as I write this. There is no trade today, but as long as the bottom of my wave hold I am still looking for a long. A move below that would make me re-evaluate and start looking to see if we have a new down trend developing.
No buy signal right now, even less chance of seeing one today or Monday than there was a couple of hours ago when I posted the YouTube video. But, the uptrend is not broken yet … so, let’s give /ZW some time to sort itself out.