Corn - Bullish hope is fading. Will the bears rule mkt again?
I was bullish biased too. Tried to catch bottom a few times in corn. Sometimes I made small, sometimes I lost small during the last few weeks. I am not bullish any more, not until it is below 390!
For you attention, the charts include the second active continous contract on the weekly and in line with that the July contract on the daily.
Weekly:
- The neutral Ichimoku setup is turning into more bearish biased again: Price below Kumo and Kijun Sen, medium strong Tenkan/Kijun bearish cross is possible. Last hope is horizontal supp/res ard 374!
- Heikin Ashi signal is bearish, with one last question mark on haDelta -> is the positive divergence of haDelta/SMA3 about to break?
Daily:
- Bulls have serious problem: Ichimoku setup is turning into firm bearish again. Price made a lower low, Chikou comes back to open space below price candles, both Tenkan Sen and Senkou A point down.
- Heikin Ashi signal is bearish too
Honestly, I do not know if we'll see a szrong bearish trend resumption, or if it will be only a bear trap, but now it is not prudent to hold any long position in Corn, and all longs opened lately must have been stopped out by now!
As I don' yet see Wheat and Soybeans as bearish as Corn right now, I don't like the idea of going short in Corn. On the other side I'd consider a long only above 390. Maybe better not to touch it at all.
For you attention, the charts include the second active continous contract on the weekly and in line with that the July contract on the daily.
Weekly:
- The neutral Ichimoku setup is turning into more bearish biased again: Price below Kumo and Kijun Sen, medium strong Tenkan/Kijun bearish cross is possible. Last hope is horizontal supp/res ard 374!
- Heikin Ashi signal is bearish, with one last question mark on haDelta -> is the positive divergence of haDelta/SMA3 about to break?
Daily:
- Bulls have serious problem: Ichimoku setup is turning into firm bearish again. Price made a lower low, Chikou comes back to open space below price candles, both Tenkan Sen and Senkou A point down.
- Heikin Ashi signal is bearish too
Honestly, I do not know if we'll see a szrong bearish trend resumption, or if it will be only a bear trap, but now it is not prudent to hold any long position in Corn, and all longs opened lately must have been stopped out by now!
As I don' yet see Wheat and Soybeans as bearish as Corn right now, I don't like the idea of going short in Corn. On the other side I'd consider a long only above 390. Maybe better not to touch it at all.
