- General downtrend since August 2021 - Ascending wedge, breakdown with a bearish engulfing candlestick pattern - Bearish Divergence on the Relative Strength Index (RSI) + below the neutrality zone (RSI < 50) - Pullback done on a resistance zone around 5.40/bushel - Breakdown of the 150 Exponential Moving Average Fundamental news:
- US Corn production seems to be good, as well as the European and France productions - WASDE USDA Report is expected on October 12, 2021
Objective:
The theoretical objective of the ascending wedge is around 5.00/bushel. US Corn could goes down to the level of 5.23/bushel first (resistance and 50% Fibonacci retracement level) and then down to the 5.12/bushel. Then, the last objective is 5.00/bushel (ascending triangle's theoretical objective and psychological price level) MAYBE WAIT THE WASDE USDA REPORT RELEASE TOMORROW (OCTOBER 12, 2021)
Feel free to share, comment and give your opinion if it is constructive ;)
DISCLAIMER: This is not investment advice
Trade closed: target reached
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First objective at 5.23/BU reached! Can U.S. corn go down further?
Trade closed: target reached
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Second objective at 5.12/BU reached! Not so far from the last objective at 5.00/BU