Wheat (ZW) Bounces Almost 4 Percent on WASDE

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Wheat (ZW) bounced almost 4% yesterday leading into and following the highly anticipated monthly WASDE crop report. The rally began off triangle support (on the 4hr chart) and is in today's European morning, consolidating its gains just above the same triangle's resistance. Yesterday's rally also resumes an upchannel (on the daily chart), and significantly, leaves ZW just shy of retesting downchannel resistance (on the weekly chart). The weekly, daily and 4hr RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains. I am looking to go 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 set my stops tighter).

Wheat (ZW) Weekly/Daily/4hr

ZW (Wheat) Technical Analysis

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