lestad
Short

CORN SEEMS TO LIKE THE 420 AREA AS SUPPORT, BUT FOR HOW LONG?

CBOT:ZCH2014   CORN FUTURES - ECBT
90 0 1
BEGINNING FROM LAST JUNE CORN             HAS BEEN FREE FALLING, AND THESE LAST WEEKS WE ARE SEEING CONSOLIDATION AROUND 420-435 AREA.

- THE BREAKOUT ON 4 DEC. TO THE UPSIDE SEEMS TO BE A NONVALID ONE,
- WE MAY ALSO BE SEEING A HEAD&SHOULDERS PATTERN ON THE DAILY GRAPH.

A POSSIBLE BREAKDOWN OF 420 AREA MEANS GOING SHORT THE CORN             AGAIN.
OTHERWISE WE HAVE TO SEE THAT IT CAN SUCCEED TO CLOSE ABOVE THE 50 EMA TO SHOW UPSIDE STRENGTH.
PLEASE ALSO NOTE THAT CORN             RECENTLY USED 420 AREA AS SUPPORT FOR 3 TIMES AND SEEMS TO GOING THE SAME LEVELS ONCE MORE, WILL THAT LINE HOLD? WE'LL SEE...
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