Corn prices are up against the wall after a sharp multi-month drop. The rising 200-day Simple Moving Average (SMA), along with an area of support from January to March trading, may offer bulls a chance to regroup. The MACD and RSI oscillators indicate downward momentum may win out, however. A break lower likely opens the door for further losses.
Corn made a scary move upward, and had an equal downward reaction. Those moves were so volatile I don't know if it means they cancel each other out, or what the deal is, but corn is basically back where it started, which is above a trendline break and low in the range, which is an area for long considerations.
Se my related idea. We are in for a lot of volatility in the grain market.
USDA report came out with below expectation for yield and plant acreage for corn & soybean. Lots of volatility coming up with most of the eyes looking at weather. Possible bull pennant on Corn ETV and bull flag on corn cash. Keep your eyes on this one.
Corn is potentially setting up for a good move higher, but the staggered double top might dictate price lower still.
ZC1! : 🕐 2W Most likely, wave (V) of the "Supercycle" degree unfolding the ending diagonal I-II-III-IV-V , in which the growth is in wave III . ZC1! : 🕐 1W The growth marked with ((A)) is most likely over, although one more local maximum is not excluded. Further, a rollback is expected within the wave ((B)) of III , which has the right to...
Once again, I love volatility. The 9:30 opening bell is so many times an incredible thing. Look at the huge sideways action all night long and into this morning. I put a buy order in at 645 in case price action goes crazy at the opening bell and it did - straight up through my 30 HMA to my Take Profit of 40 points. Beautiful Monday!!
Corn futures (ZC1!) just came off the highest monthly RSI print since 2008 around an 82 handle. We're likely going to see a vicious correction in the near term. Seems like everything is on the verge of a major correction at this point. I wish the Fed luck...
Grabbed a quick 16 points this morning. I missed early morning as I was still sleeping but if I was awake at 6am I could have been in the trade at 665 instead of 670. As usual, I took my quick 16 points for a great morning win before the Fed 2pm Gong Show.
Again, at the opening bell at 8pm, price action was undecided for the first 5 minutes - then BAM - straight down, hit my sell order at 670 and a quick TP at 664, all in less than 15 minutes - Brilliant! Have a great night :-)
Once again at the opening bell, price action plummeted and my sell order at 688 was executed. Within 20 minutes my Take Profit of 24 points was hit and I made off with some quick morning profit - great start to a Friday. Happy Friday to all and have a safe weekend.
Great start to the day as the opening bell price action worked again in my favor to snag me a quick 5 points in less than 30 minutes. Put my Buy order in at 702 and waited for 9:30 - Price action went straight up and took my profit at 5 points.
Snagged a quick 5 points at the opening of the DJIA. Corn passed up through the 30 HMA quite aggressively so it didn't take long at all to grab the 5 points and run. Nice start for the day.
LONG here, take profits around 51k. Buy the wave 2 (double bottom) and hodl them btc bags all the way to $100k+
Corn fell to its 50-day SMA today. The key moving average offered support throughout March trading. A breach under the key technical level may lead to a deeper selloff, perhaps to the 100-day SMA. MACD also appears on track to cross below its center line.
BG long term plan - short in Sept-Oct 2021 at 95 area. Expect to see -80% downside from peak to low. Looks like commodities won't be feeling well in 2022.
With all the drama of last year and many areas locked down, one of the big sufferers was agriculture. Much of last years yields went to waste and panic buying occured. Which I'd guess also went to waste for the most part. As you can see on my chart I'm expecting a sizeable pullback in price before the event, which is completely normal. let it collect the orders...