Last time, as a result of the testing down to the key 50% Fib at 367¾ I moved the bullet point for Corn into mildly bearish – that was a mistake because no sooner had I done so and the market rebounded but failed to make new highs – so in effect went into neutral – looking at the MAs above on the Daily Chart I think you can see what I mean.
I have altered the bullet point above to reflect this. Frankly I see the market being caught between two forces – on MAs we have overhead(ish) resistance of the Long MA (currently 384) whilst below we have the support of the Medium MA at 379! A little wider we have the resistance of the key 50% Fib at 418¾ whilst below we have the support of the key 50% Fib at 367¾!
There is the dichotomy as forces pull in either direction and they seem to cancel each other out somewhat!
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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.