After this week's WASDE report, ZC limited up on 1/12. After the expected retracement, ZC has been trading in a range from 527-537.
POC is located at 534, I am expecting a retest of the high of 541'4 in the coming weeks. However, any break below 522'0 would indicate short term weakness.
Long term target of 560'0 by early Spring.
Strong technical upward trend last few weeks on ZC which broke price levels not seen since 2014. Expect some volatility going into next week's WASDE report on 1/12/21. From a fundamental side, current La Nina weather pattern in the Pacific could impact South American crop production.
After a pullback, I am anticipating this trend to continue. Targeting mid to...
