Kumowizard

Corn - Break could happen within few days

CBOT:ZC1!   CORN FUTURES - ECBT
79 0 3
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.
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out