There is a possibly short play opportunity developing on the Corn MAY16 contract that, if valid, should materialize some time between March 15 and 18.
Price has been trading within an ascending channel that started March 3 and price is currently at the higher boundaries of same channel.
There is a longer term and rather wide descending price channel that started on October 7 and of which price tested the upper line during Feb 2-4 and during Feb 18-23. Price is now heading to same upper boundary again and should arrive there by Mar 15-16, provided that price continues to follow its current short term ascending channel. The 50DMA is clustering with same upper channel boundary and should add to resistance on price. Doing nothing yet but keeping an eye on it for next week.
Price has been trading within an ascending channel that started March 3 and price is currently at the higher boundaries of same channel.
There is a longer term and rather wide descending price channel that started on October 7 and of which price tested the upper line during Feb 2-4 and during Feb 18-23. Price is now heading to same upper boundary again and should arrive there by Mar 15-16, provided that price continues to follow its current short term ascending channel. The 50DMA is clustering with same upper channel boundary and should add to resistance on price. Doing nothing yet but keeping an eye on it for next week.
Order cancelled:
It doesn't look like it that the resistance forces h\ve anything to say here. Hence better to leave this one go and look for another opportunity.