Wheat (ZW) rallied more than 1.5% in yesterday's opening trading day of 2018, and appears poised to continue its upside in this shortened week after having broken a 3 month downchannel resistance line (on the 4hr chart). Forming currently its 4th straight green weekly candle though suggests that ZW may begin tiring by next week, coinciding perhaps with what may become downchannel resistance (on the daily chart). Nevertheless, longer term bulls will be buying on dips now that the weekly MACD is about to positively cross. 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) and targeting the red zone for Thursday. 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
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