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Corn: Trend?

Published 06/11/2017, 06:05
Updated 09/07/2023, 11:32
ZC
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Corn

CORN Chart

Last month I wrote:

Last Friday we had a good try higher with a nice Key Reversal Up. This ought to be the signal to try higher but we are awfully close to the three main resistances for any move up - the recent 50% Fib at 361 %, the Medium MA (currently 363 %) and the Long MA (currently at 363). The action of the market close to these levels will dictate the future as it would seem with recent higher lows we may see a reasonable chance for higher prices.

The alternative is back down to 328 Y2!

I had omitted one other course of action (except for the bullet point above which summed it up perfectly) - Neutral...going sideways...that's what the market chose. We failed to go higher as I suspected but the moves lower were met with a vengeance - twin Key Reversals Up...that failed to move the market. We basically spent most of the month between 354 & 343!

What now? Well...more of the same with a small variation - the Medium MA (currently 357) is advancing lower rapidly and the Long MA (currently 362) is staring to do the same.

Not till these reach the market and we see their impact would it be suitable to say anything. I guess the bullet point was right last month - Neutral - more of the same for the moment this month.

Support is currently at 347, 345, 343 - 342, 336 and 328.

Resistance is currently at 352, 354, 355, 357 (dynamic), 359 and 362 (dynamic).

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