timwest

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

CBOT:ZCZ2014   CORN FUTURES - ECBT
259 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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Do you mean this is still bullish or we can start to short this? could you please explain bit more in simple words. Thanks
Reply
timwest PRO ZaloRostam
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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