CORN trade ideas
Weekly CORN Chart Shows Possible Major Bottom At This LevelThe commodity corn has taken a big hit in 2013. As it has plummeted, many have started to look for a potential bottom, an entry price to go long. It is looking more and more likely that bottom is at hand. Take a look at the weekly chart of Teucrium Corn Fund (NYSEARCA:CORN). This is an ETF that tracks corn. Please note that four weeks ago a bottoming tail was put in, and last week another bottoming tail was put in. It is clear that this commodity is trying to put in a low and upside could be right around the corner. A long at the current $31.00 level appears attractive with downside limited and upside to $34.50 likely.
Gareth Soloway
Chief Market Strategist
www.InTheMoneyStocks.com
CORNSomething to keep an eye on. Harvest has been delayed so far this year but overall prices are way down. I think a potential reversal may be at hand. The next couple of crop progress reports will be crucial.
CORN Too much supplyThe most recent report from corn indicated that farmers planted large quantities of corn, thus drove the price of corn down. At the moment we have a descending channel and a death cross on this stock. I expect to go much lower to around 35.66. My strategy is simple, as the stock makes lower highs I will put stop loss until reaches my target. Source etfdailynews.com
