Wheat (ZW) Nearing Daily Chart Upchannel Resistance
Wheat (ZW) is trying to gain for a 4th straight day, but hesitating as it bumps up against upchannel resistance (on the 4hr, daily and weekly chart). Significantly, with ZW suddenly back to near its 2020 high, ZW will likely need to consolidate for the next week or so near current levels after its massive gains since the beginning of July. Congratulations to Premium Members alerted Aug 21st to ZW’s major bottoming effort and who profited. The weekly, daily and 4hr RSI, Stochastics and MACD are 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 sometimes set my stops tighter)…Click here to read today’s technical analysis of Corn, Nasdaq100
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