Last month I wrote as my second from last sentence ‘There is the dichotomy as forces pull in either direction and they seem to cancel each other out somewhat!’. Nothing has changed because on the 31st of Mar we had a huge & beautiful Key Reversal Down, all the way to the Long MA (currently acting as support at 374) though not closing below…and what happened over the next couple of days – the Corn market rallied!
We seem very much caught between support at the key 50% Fib at 368 & resistance at 391, 395 & now just under 400! The waviness of the MAs sums this up quite well – neutral and with no trend – almost as it the market is scared to go in either direction! Bullet point stays very appropriately – the same!
ADM Investor Services International Limited is authorised and regulated by The Financial Conduct Authority. Member of The London Stock Exchange. Registered office: 4th Floor Millennium Bridge House, 2 Lambeth Hill, London EC4V 3TT. Registered in England No. 2547805 a subsidiary of Archer Daniels Midland Company. Risk Warning: Investments in Equities, CFDs, Futures, Options, Derivatives and Foreign Exchange can fluctuate in value, investors should therefore be aware that they may not realise the initial amount invested, and indeed may incur additional liabilities.
These Investments may entail above average financial risk of loss, and investors should therefore carefully consider whether their financial circumstances and investment experience permit them to invest and, if necessary, seek the advice of an independent Financial Advisor. Some services described are not available to certain customers due to regulatory constraints either in the United Kingdom or elsewhere. © 2014 ADM Investor Services International Limited 2014.