CORN ETF is breaking out from the 160 days bottoming Consolidation Zone
The breakout is retested and after yesterday price action spiked up,
we can confirming the bottoming, and BULL is eyeing T1 and T2 at least. T3 Probably will take more time.
I don't like to put too much drawing in the chart. Please move your mouse to the Note area and see the reason and...
This post is mostly just serving as an informative update for those who don't follow Wall St Bets, which is a huge reddit community where inexperienced retail traders talk about stocks - CORN has become a highly talked about name recently. Plenty of the names mentioned there become / are volatile and are subsequently talked about by the mainstream media like CNBC...
Soft dollar policies pursued by the Fed will likely provide lift to commodities. Coffee has been a leading indicator, as futures contracts have appreciated roughly 40% since mid-October. Apart from monetary policy, technical indicators are also favoring upside with bullish RSI & MACD divergences. This trade has a longer duration than most, with a holding period...
CORN has broken out of a bullish descending wedge pattern to the upside, entered a bearish rising wedge, broken down and back-tested the previous resistance level before bouncing back. There are positive divergences on the charts which suggest a much longer up trend in play. These positive divergences can also be seen on the weekly and monthly charts of CORN which...
Keep it simple stupid.
I will buy on breakout to the upside with volume. Or, more conservatively, wait for a retest after breakout.
Entry around $16.5. Resistance levels marked on the chart at $20, $23, $27, etc.
Why would I make this trade?
> CORN consolidating...CORNSOLIDATING!
> RSI Increasing
> Equity prices are falling across the board. See the DOW...
Please see the comments on the chart:
In sum, I'm watching these indicators:
385 MA (greater than 2% above, breaking a multi year precedent)
Bullish movement this week
Calendar year performance (not negative?)
OBVOSC Higher Low
RSI Bullish Divergence
****Not covered here -- tariffs: 1st and 2nd order effects