Soybean (ZS) Testing Downchannel/Descending Wedge Resistance

After a two week rally, soybean (ZS) is now bumping into downchannel/descending wedge resistance on the weekly chart, which coincides roughly with the 1000 psychologically key resistance level. Weekly RSI and Stochastics are in rally mode, while the MACD which a few weeks back appeared ready for a negative crossover has strengthened again and is sloping up now.

For my multiple timeframe analysis on ZS, feel free to visit: tradablepatterns.com/tag/zs_f/

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