timwest

CORN _ massive distribution

GLOBALPRIME:CORN   Corn Cash CFD
0
Corn is not a liquid etf , but it is a good reference for the price of Corn Futures as they use a basket of futures in their portfolio. I view the larger picture as a broadening top formation, which occurs after a long advance. I think it is useful to look at markets that move differently than the stock market, just to round out your perspective. Often, high prices of commodities inspires new production and if you look closely at the chart, the red rectangle marks a level where sellers clearly emerged and this rally is right back towards that resistance. If we get another short move up, it will hit that supply and provide a very low risk entry on the short side for targets down 10% to 20%.

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