I believe dec corn weekly is moving into a downward trend at least for the nearby due to a combination of technical and fundamental indicators.
MA's are nearing convergence and the Stoch RSI has already done so. MACD has begun its downward trend as well and RSI looks to be heading lower.
This week the USDA released another one of those great reports that they put together, and it was hardly bullish.
Record production and yield numbers (which was pegged at at 175.3!) were published and now the country could be looking at an ending stocks number to the tune of 2.4 billion or more, which is burdensome to say the least.
Until demand comes into play with any real significance, I am going to say this is a short for at least the nearby.
Looking to test the 3.22 support
MA's are nearing convergence and the Stoch RSI has already done so. MACD has begun its downward trend as well and RSI looks to be heading lower.
This week the USDA released another one of those great reports that they put together, and it was hardly bullish.
Record production and yield numbers (which was pegged at at 175.3!) were published and now the country could be looking at an ending stocks number to the tune of 2.4 billion or more, which is burdensome to say the least.
Until demand comes into play with any real significance, I am going to say this is a short for at least the nearby.
Looking to test the 3.22 support
Trade closed manually:
closed at 335'2