Corn has been in a long lasting downtrend.
The weekly chart leaves room for at least a correction, if not a reversal.
The daily chart does not have a divergence, except for the one on the Force Index, but the hammer 2 days ago tells me that long positions have been manipulated. The Weis Wave has a very nice pattern, which shows that buying is entering the market. I explained the pattern on the chart.
First target is at 400 - 410. The second target is pretty far away, and I doubt that 500 will be reached soon.
The fact that there is no divergence on the MACD is a warning signal
The daily chart does not have a divergence, except for the one on the Force Index, but the hammer 2 days ago tells me that long positions have been manipulated. The Weis Wave has a very nice pattern, which shows that buying is entering the market. I explained the pattern on the chart.
First target is at 400 - 410. The second target is pretty far away, and I doubt that 500 will be reached soon.
The fact that there is no divergence on the MACD is a warning signal