I wrote this last time over 4TH Jul weekend ‘Normally, I would consider pushing the bullet point above into full bullish. However, I am mindful of Wednesday’s bearish action and despite all these I am naturally cautious so until next time, I will keep the bullish bullet point above with a question mark.’.
I am so glad I did because immediately following publication prices of corn fell away & have most recently made new 2015 lows and seem to be following down the Middle Tine (currently 455) of the 2015 Bearish Andrews Pitchfork. In doing all this they have had on the Weekly Chart 4 & 2 weeks ago Bearish Key Reversals Down and on the Monthly Chart a Bearish Harami plus a very long Bearish Black Marubozo Pattern. Support is at 440, 425, 419, 412 7 376. Resistance is at 460, 471, 474, 484, 487, 490, 496 (dynamic), 507 (dynamic) & 510. With all MAs pointing down the bullet point above goes into full bearish.
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