Kumowizard
Long

Corn - Can Bears lose control?

CBOT:ZC1!   CORN FUTURES - ECBT
53 2 1
Weekly:
- Heikin Ashi candle is red and haDelta points down. However so far weekly Kijun Sen provided a good support/resistance. If Kijun holds, then this dip would be only a pull back, possible a second wave of a new bullish setup. If Price breaks below Kijun, then bears can take control again. Looking at Chikou Span being above Price candles, I think a move up from here is a bit more likely, but it is not yet very clear.
- Most important key level is 426. A weekly close above opens space for a strategic long term bullish move.

Daily:
- Price is below the Kumo, but the Ichimoku setup can not be called bearish until Price makes a lower low. There is some chance that we saw only a retest to a possible initial bullish trendline.
- Heikin Ashi candle today has a small body, haDelta crossing up above SMA3 again. Also Chikou Span found support at the past Kumo's top. This means selling pressure is slowing down.

I think we may try some bottom fishing here, and open some longs, with stop below 369. Do it only with 0,5 trade unit. For a better risk-reward Price should first print a green candle and then break above daily Kumo top at 390. A bullish Chikou Span cross would validate the long trade setup and idea.

Note: charts show the Price for May futures.
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Kumowizard PRO Kumowizard
2 years ago
I am sorry, but looks like I forgot to switch the right panel to the May futures. I re-publish this again with correction soon.
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