timwest

Corn - Dec 2014 - ZCZ2014 - Great rally back to old supply

CBOT:ZCZ2014   CORN FUTURES - ECBT
254 2 7
Points are described on the chart.

1. Overbought CCI > 200 @ old 20-day supply level.
2. Long term downtrend was violated, so this may be just the exhaustion of the the first up leg into a natural resistance area.
3. Volume lately has been in "range expansion up days"
4. 9-day "time at mode" signal is still in effect (however)

Tim 10:10AM EST 10/28/2014
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ZaloRostam
2 years ago
Do you mean this is still bullish or we can start to short this? could you please explain bit more in simple words. Thanks
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timwest PRO ZaloRostam
2 years ago
Thanks for the question: I used the rally to this resistance as an "exit longs" signal. I thought about shorting Corn but did not. Had I shorted I would have been very clear. I assumed there would be strong reactions from a 20+ day previous consolidation area which may last 5 days or 1/4 of the time of the old zone. So far, Corn did rotate down from near 370 to retrace back to the 360 area. So, in essence, I was pointing out a key resistance area that could be sold.
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