Market Structure:
- ZC looks like forming a Ascending Triangle pattern which is not perfect, also looks like Rounding Bottom
- Higher Lows shows Bulls are willing to buy at higher price
- The Ascending Triangle/Rounding Bottom are sign of Accumulation phase
- R1 is strong Weekly Support level since 2015
Seasonality:
- Corn tends to peak at the middle of year (May to July) according to CME seasonality chart. Link: https://www.cmegroup.com/education/courses/introduction-to-grains-and-oilseeds/understanding-seasonality-in-grains.html
- This has been true for the past 5 years since 2015
Strategy:
- I have strong feeling, ZC going to break above in coming days
- I anticipate to go Long on the first pullback
- Short term target profit at R2. Long term target profit at R3.
Notes:
By using seasonality chart, it increase the probability of trades, especially it has been follow the same patterns over past 5 years
However, anything is possible in market, especially during market recession.
Welcome to comment below your thoughts.
- ZC looks like forming a Ascending Triangle pattern which is not perfect, also looks like Rounding Bottom
- Higher Lows shows Bulls are willing to buy at higher price
- The Ascending Triangle/Rounding Bottom are sign of Accumulation phase
- R1 is strong Weekly Support level since 2015
Seasonality:
- Corn tends to peak at the middle of year (May to July) according to CME seasonality chart. Link: https://www.cmegroup.com/education/courses/introduction-to-grains-and-oilseeds/understanding-seasonality-in-grains.html
- This has been true for the past 5 years since 2015
Strategy:
- I have strong feeling, ZC going to break above in coming days
- I anticipate to go Long on the first pullback
- Short term target profit at R2. Long term target profit at R3.
Notes:
By using seasonality chart, it increase the probability of trades, especially it has been follow the same patterns over past 5 years
However, anything is possible in market, especially during market recession.
Welcome to comment below your thoughts.
Comment:
As it does not break above the R1, the idea to go Long is now invalidated. I will continue to monitor before enter any position.