Corn - Chance for a multi time frame bullish break

58 0 3
We may have very important and decisive Price action this week in Corn             , which in case happens, will be a start of a long term and decent move!

- Ichimoku setup has turned to neutral since Dec/2014. Chikou is above Price, Price candles are small and are in between Tenkan and Kijun. Price is just below a flat Kumo
- Price has been consolidating in a very narrow range, between Tenkan and Kijun for the last 5 weeks. Heikin Ashi candles have small, mixed colour bodies with some upper and lower wicks. haDelta/SMA3 is hesitating around the zero line.
- Most importantly look at the major downtrend line! Is the weekly candle about to break a 2,5 years downtrend???

First we need to see a decisive trendline break . Later we can have a Kumo breakout through the ultimate key level of 426, which in case would open space to a decent multi weeks (or multi months) rally in Corn             . A close below weekly Kijun Sen would invalidate the long trade idea.

- We have a neutral Ichimoku setup: Price is at Kumo, hesitating ard Tenkan and Kijun Sen. Chikou is also at Price candles. What's more Price is stuck in a triangle. Today or tomorrow it should decide which way to break. The actual Price right now is above the upper tredline, but I like to wait to see a Heikin Ashi candle close as well above the triangle.
- Heikin Ashi candles show consolidation, but what makes it rather bullish is today's green candle with haDelta/SMA3 ticking above zero line.

It is really time to watch now! Long entries recommended at 395 and/or 400.

One more note: what makes me think it is rather possible to see a bullish move than a bearish continuation is that not even the extreme USD strength could put more pressure on Corn             prices. I mean this USD bull has a massive headwind bearish effect on commodity prices in general, but as you see Corn             seems to be rock solid for the last 5-6 weeks. (meanwhile USD Indx             rallied more than 5 % recently)
United States
United Kingdom
Home Stock Screener Forex Signal Finder 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 Account and Billing Sign Out