/ZW Wheat First Price Target Hit for 5% Profit

/ZW (wheat futures) hit the first price target late yesterday for a quick 5% profit. Next objective long entries on either a pullback to S1 (former R1) and/or a break above T1. Wish I could say the same for the WEAT (wheat ETN) proxy but this is why I prefer to trade wheat futures over the wheat ETN as wheat futures have odd trading hours (see trading hours below in CST time zone..my sell limit order to sell part of my position was filled at 9:58 pm EST).

As an ETN, WEAT only trades during the regular trading session & as such, will miss inflection points in wheat prices at times as do other commodities & asset classes (Treasury bonds, US stock indexes, etc..) for that matter with many futures contracts trading with a fair degree of liquidity around the clock. FWIW, I still favor continued upside to the 2nd & 3rd price targets following this typical reaction off the initial tag of T1. 60-minute chart below.

ZW 60m May 4th

/ZW wheat futures trading hours: