- 7 weeks of hesitation and consolidation in form of undecided Heikin Ashi candles.
- Although it is only Monday, this week Heikin Ashi candle may be a one, as haDelta/SMA3 indication is more as well. The oscillator turned too.
- setup is neutral, with some bias: Price enterring Kumo, Chikou is above past candles and points up. Kijun Sen held well and stopped sellers four times!
- Upper supp/res is at 418. Above that level Price would make a weekly Kumo breakout, and the space would open for further and decent move.
Get ready, as a short squeeze and a strategic reversal may arrive soon.
- Price action is a bit confusinf. A week ago it looked like a valid continuation and a break of a possible minor uptrend line. However in last three days with Wheat being the leader, Corn started a decent correction too. Now the question is what the Price will do at the 389 supp/res horizontal line? It is also a question wether we've seen developing a decreasing wedge? Anyhow, if Price breaks above 390 and holds, that will be really and more short squeeze will follow.
- setup is turning back to neutral from the initial .
- Heikin Ashi setup is . haDelta/SMA3 further above the zero line, Oscillator turns again. Will it stay like this?
p.s.: I got stopped on my initial longs when price broke back below 380. I reopened longs after I saw the possible up-reversal in Heikin Ashi setup two days ago. Watching 390 key level now, ready to increase longs if Price shoots higher.
If you put on the daily chart of teh continous contract, that was not so tricky as the May/2015 contract. Actually ZC1! did not make a lower low below the Kumo, so that is still in a sideaway range. Also important to note, that ZC1! Kumo top is lower, and from this week the May/2015 contract = ZC1! front continous contract.
So it is really the 392-395 level will be the important to watch!