The chart is the same as the previous one (link below), just zoomed in a bit.
While Wheat managed to move higher, and actually gave a 4 Hrs time frame counter trend buy signal too, Corn has not been doing much. It is stuck in a very thin range, in between 352 - 361. Maybe the break will happen on back of USDA publishing crop data and export sales, maybe because of something else. We don't know. We don't know either in which direction the break will happen. If on the upside, then corrective tgt will be 390, if on the downside, then the selloff will continue down to 320.
MACD and Slow Stoch are up, and ADX loosing some power with DI lines converging slowly again, this rather points towards a short term bullish move, but still it is hard to decide now, as the major trend is heavily bearish.
So watch, and trade the breakout. Stop loss levels are obvious.
p.s.: If I have to chose I'd rather look for the Long entry only. As even in case of a worse data, going short here is not a very good risk reward. It might end up in knee jerk reaction. So my strategy will be either buy the upper break, or just leave it.
While Wheat managed to move higher, and actually gave a 4 Hrs time frame counter trend buy signal too, Corn has not been doing much. It is stuck in a very thin range, in between 352 - 361. Maybe the break will happen on back of USDA publishing crop data and export sales, maybe because of something else. We don't know. We don't know either in which direction the break will happen. If on the upside, then corrective tgt will be 390, if on the downside, then the selloff will continue down to 320.
MACD and Slow Stoch are up, and ADX loosing some power with DI lines converging slowly again, this rather points towards a short term bullish move, but still it is hard to decide now, as the major trend is heavily bearish.
So watch, and trade the breakout. Stop loss levels are obvious.
p.s.: If I have to chose I'd rather look for the Long entry only. As even in case of a worse data, going short here is not a very good risk reward. It might end up in knee jerk reaction. So my strategy will be either buy the upper break, or just leave it.
