Continuous Corn - Weekly: **The big red bar down this week is a bit exaggerated as this chart has rolled to chart against the Sep with a 1.20+ inverse. Nonetheless, corn is still down .50 +/- for the week. The 6.16 low hit the trendline, time will tell if this holds. Should we see a bounce from here the first test will be at 7.05 to 7.20. Primary targeted...
Continuous Corn – Weekly: Up trending vs Down trending Pitchforks – Continued from 6/2/22…
Up until two weeks ago it appeared that cash corn was going to follow the green bars up with the up trending pitchfork. The July/Sep inverse was a big challenge and the move lower just killed the chance for the continuous chart to maintain upward momentum. Currently the...
Continuous Charts: Top – Front month to next deferred month Spread Underneath is Front Month continuous
Rule 1: Carry spreads have limits, Inverse spreads have no limits…
In the past 25-30 years we have seen 6 very strong inverted markets. Each inverted market lasted between 3-6 months and often times carried a bullish market reaction. When the inverse...
Type : Bullish Rise
Resistance : 800'0
Pivot: 782'2
Support : 770'6
Preferred Case: On the H1, price is moving above the ichimoku cloud and within the ascending channel which supports our bullish bias that price will rise from the pivot at 782'2 where the overlap support, 78.6% fibonacci projection and 50% fibonacci retracement are to the 1st resistance at 800'0...
Type : Bullish Rise
Resistance : 800'0
Pivot: 782'2
Support : 770'6
Preferred Case: On the H1, price is moving above the ichimoku cloud and within the ascending channel which supports our bullish bias that price will rise from the pivot at 782'2 where the overlap support, 78.6% fibonacci projection and 50% fibonacci retracement are to the 1st resistance at 800'0...
Double top is a reasonable call for around April 24th 2023. Safer target of 826 in January is noted as there is always the possibility of a rapid decline afterwards, presenting the risk of investors selling earlier to avoid further risk.
Thrilling times in the world of corn.
Broadly commodities are backing off their highs, Oil and Grains were the lone hold out's. Corn is near the top of a volatility adjusted daily risk range and a chart pattern is forming. We are taking a stab at it here.
This tracks the front month futures of corn. This tracks the front month futures of corn. This tracks the front month futures of corn. This tracks the front month futures of corn. This tracks the front month futures of corn. This tracks the front month futures of corn. This tracks the front month futures of corn. This tracks the front month futures of corn. This...
An attempt to show potential paths that corn could take.
• Currently have an up-trending pitchfork (blue): If corn respects trend line support and makes another run up, the trajectory could warrant a move above $9.00 into mid July and into August. Sep Corn will have some work to do to chew through the large inverse but it can be done. The green bars...
Last years high of 7.35 met the median line of the long term pitch fork and turned lower. This year we have met the median line again with a high of 8.24. It appears that the median line has strong resistance. The momentum indicators (RSI and Stochastics) are turning lower. The divergence in lower pivots this year on each indicator accompanied by higher highs...
The weekly chart is showing divergence in momentum from 2/28’s pivot high at 7.82 to 4/25’s high of 8.24. Stochastics has turned lower as well. Corn has several areas of support but the lower uptrend line on the pitchfork should offer solid support. For the next few weeks the lower line support area at 6.85 to 7.10.
Targets above at 8.82 will find resistance...
On the H4, price is moving below the ichimoku cloud and within the descending trend channel which supports bearish bias that price will drop from our pivot at 769'4 in line with the 61.8% fibonacci projection, horizontal pullback support and 50.0% fibonacci retracement, to the support at 735'6 in line with the 78.6% fibonacci retracement. The descending trendline...
CBOT
