Bullet point went into neutral last time in anticipation of the market filling the gap 388 – 390 left back in Jul and my wondering what would happen next. As it turns out, filling the Gap was attempted but Corn prices didn’t quite make it and reversed back down with a Bearish Harami on the 14th. The follow on actually didn’t manage to achieve much as prices just dropped to the nearest Fib support – the 38.2% Fib of the Oct–Nov move up at 362 before staging a Key Reversal Up on the Daily Chart!
The move up wasn’t followed through too much as we had a Bearish Doji Cross the next day thereafter and we tried back down a little. As we now approach the Upper Tine of the May – Oct Schiff Pitchfork (currently 379) it is looking like this may weigh in on the markets as Friday had a Long Legged Indecisive Spinning Top on the Daily Chart as well as considering it a small Bearish Harami!
Currently we are within 1 tic of when I wrote the report last month – how good is that as a neutral market & bullet point above! For the moment I think I will keep it as such! Support is currently at 365, 362, 356, key at 353 & 345! Resistance is currently at 379, 381, 390, 395 & 409! No major dates noted ahead & the already mentioned, the neutral bullet point stays the same!
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