Corn: Trend Down?
It does have the feel about of recent action coming to an end...the end of the bullish phase and that perhaps we have a Bearish Triple Top on the Daily Chart above with a possible target around 321 and conveniently market by an 'X'. If this becomes the case then not only has the market to overcome the Long MA but also the end of the recent support band at 353 % and the key recent 50% Fib at 347 %. We'll see if it happens...there is a lot of support in between.
Well it did happen! The trigger was the Key Reversal Down (marked on the Daily Chart above) which punched through ALL the MAs and closed below the Long MA (currently 362 7/8). We fell away right through the key 50% Fib at 347 % and seemingly halted in the middle of an empty field at 32814 with a KR Up of all things. I'd have though the 'X' target would have been more likely but perhaps the December 2016 low at 331 was enough. Anyway, we've not followed on much with this KR Up...one to watch over the next few days to see if there will be a follow through or whether we head back down or go sideways. At the moment I'm not convinced of back up, possibly we might try lower but I'm more inclined to think we may try sideways.
Support is currently at 336, 331, 328, 325, 322 and 318.
Resistance is currently at 344 - 348, 353, 356, 359, 361, 363 (dynamic) and 366 (dynamic).
I've moved the bullet point above into mildly Bearish as the Long MA is sidelining. However, I'd expect to move to full Bearish next time. I note the Dead Cross of the Short/Medium MA down through the Medium MA.
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