Corn (ZC) Bounces Off Month Long Upchannel Support on WASDE

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Corn (ZC) rebounded almost 2% yesterday, bouncing off upchannel support (on the 4hr chart) and ascending triangle support (on the daily chart) following the 12pm EST release of the highly anticipated WASDE report. ZC's weekly Hammer is arguably breaking above a 4 month downsloping resistance line (on the weekly chart), and hints to a test of horizontal resistance defined by the January low in the next week. The weekly, daily and 4hr RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains. I am looking at going long in the green zone (of the daily chart), targeting the red zone by Tuesday. 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).

Corn (ZC) Weekly/Daily/4hr

ZC (Corn) Technical Analysis

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