Remko

CBoT Corn long play entry needs more time

CBOT:ZCZ2016   CORN FUTURES - ECBT
19 0 2
Corn:
We were wrong with our first buy-stop at 375 of 2 weeks ago and also our buy signal at 340 of one week ago turned out to be too premature. We have removed them from our chart in meantime. Nonetheless, our long term view on this price remains 30-35% to the upside into the next calendar year but it is just the timing for entry of the long play that has to be postponed a bit. Fact that we have been stopped out twice in a row doe snot change our bias.
Time being we expect price to make one more modest move to the downside and bottom out in one week or 10 days at around the 320 level from where we anticipate price to finally make its reversal and start trading up. For now we wait.
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