Corn - Can Bears lose control? - CORRECTION

36 0 3
Correction - now right panel shows May futures as well.

Picture is same, just nominals are higher a bit.

* * *

- Heikin Ashi candle is red and haDelta points down. However so far weekly Kijun Sen provided a good support/resistance . If Kijun holds, then this dip would be only a pull back, possible a second wave of a new bullish setup. If Price breaks below Kijun, then bears can take control again. Looking at Chikou Span being above Price candles, I think a move up from here is a bit more likely, but it is not yet very clear.
- Most important key level is 426. A weekly close above opens space for a strategic long term bullish move.

- Price is below the Kumo, but the Ichimoku setup can not be called bearish until Price makes a lower low. There is some chance that we saw only a retest to a possible initial bullish trendline .
- Heikin Ashi candle today has a small body, haDelta crossing up above SMA3 again. Also Chikou Span found support at the past Kumo's top. This means selling pressure is slowing down.

I think we may try some bottom fishing here, and open some longs, with stop below 379. Do it only with 0,5 trade unit. For a better risk-reward Price should first print a green candle and then break above daily Kumo top at 400. A bullish Chikou Span cross would validate the long trade setup and idea.
Ideas Scripts Chart
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