Corn - Low volatility, bullish bias again. Be a Price follower!
Weekly:
- Ichimoku setup is neutral/bearish, but there are some important changes in averages: Tenkan, Kijun has been very close to each other, and because of this Senkou A has been flat for long time. By now Senkou B has dropped enough to make a very thin forward Kumo
- Price is getting closer to longer term bearish trendline. It has been trading in a relatively tight weekly range of 350-400 since November/2014 (more than 7 months now!), and by definition volatility dropped to very low level.
- Heikin Ashi signal may turn bullish again this week. Please not that we need to see friday close to make sure the signal is valid, but I think we will very likely see more move up to range mid and the Kumo.
Daily:
- Ichimoku setup is turning to neutral from bearish: Price is below Kumo but above Tenkan and Kijun, Chikou hits past candles, and we have a thick Kumo shading Price ahead.
- Heikin Ashi signal has been firm bullish for a while, but Price is facing a serious and thick Kumo resistance ahead.
- Kumo is thick and Senkou B is far above Price. From this kind of formation it often happens that while Bulls and Bears keep fighting in the neutral zone of the Cloud, Price slowly develops an Inverse Head and Shoulders pattern, which is quite a reliable bullish pattern. Of course we don't know now right now how it will really go, but if that happens to be the case, the measured bullish tgt from a neckline break later would be ard 395.
Please remember, we are not Price Predictors, but Price Followers!
As my belief is that the higher time frame dominates the lower one, I'd be a buyer on dips. I will keep building some long positions, of course not yet a big strategic one.
- Ichimoku setup is neutral/bearish, but there are some important changes in averages: Tenkan, Kijun has been very close to each other, and because of this Senkou A has been flat for long time. By now Senkou B has dropped enough to make a very thin forward Kumo
- Price is getting closer to longer term bearish trendline. It has been trading in a relatively tight weekly range of 350-400 since November/2014 (more than 7 months now!), and by definition volatility dropped to very low level.
- Heikin Ashi signal may turn bullish again this week. Please not that we need to see friday close to make sure the signal is valid, but I think we will very likely see more move up to range mid and the Kumo.
Daily:
- Ichimoku setup is turning to neutral from bearish: Price is below Kumo but above Tenkan and Kijun, Chikou hits past candles, and we have a thick Kumo shading Price ahead.
- Heikin Ashi signal has been firm bullish for a while, but Price is facing a serious and thick Kumo resistance ahead.
- Kumo is thick and Senkou B is far above Price. From this kind of formation it often happens that while Bulls and Bears keep fighting in the neutral zone of the Cloud, Price slowly develops an Inverse Head and Shoulders pattern, which is quite a reliable bullish pattern. Of course we don't know now right now how it will really go, but if that happens to be the case, the measured bullish tgt from a neckline break later would be ard 395.
Please remember, we are not Price Predictors, but Price Followers!
As my belief is that the higher time frame dominates the lower one, I'd be a buyer on dips. I will keep building some long positions, of course not yet a big strategic one.
