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...
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.
fed keeps trying to feed us this narrative that inflation is going to be transitory....
that is not the way i have seen the world to work. once prices rise they never go down. think about your local retail store. once those 10 cent bags of chips went to 25 cents..... they never went back to 10 cents. actually now they are 50 cents.
i drew a chart on how i see...
Break of dotted line signals downside breakout with target down near 420. Upward break of 580 suggests further range consolidation with upward bias. Potential for wave 4 consolidation here near support.
It's a risky trade to buy or sell corn at this stage. Corn is at no man's land so it could either go high or low. We have seen corn go past $500 commonly after 2007 which was a rare event before.
I can't predict the future but I can see why corn will make new support in this region.
$550 - risky
$500 - good opportunity to buy
$450 - great opportunity to buy
$350...
Disclaimer
The views expressed are mine and do not represent the views of my employers and business partners. Persons acting on these recommendations are doing so at their own risk. These recommendations are not a solicitation to buy or to sell but are for purely discussion purposes. At the time publishing, I have a position in Corn Futures ( ZC1!).
Trend...
Corn – Weekly Cont: Sep contract leading the continuous chart. The recent swing low at 5.20 nearly filled a correction target. If this low holds, retracement targets above will be used. First hurdle is the 24% retracement at 5.71. A weekly close above will give the bulls some breathing room. The primary target above is the 88% retracement at 7.10, but any...
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...
Corn – Weekly Cont: July Contract leading the Cont. chart back towards testing the blue Tenkan line at 6.60. A close below the blue Tenkan line is the first since August of 2020…Important for corn bulls to see this week close above the Tenkan. Support below is the May low at 6.02 and then the red Kijun line (trending higher) at 5.85
Resistance above at the...
- Key reversal with inside day bar.
- Unfortunately, this bar is a big inside bar; recommendation is to go short at open and cap it with the SL above the previous day's red bar.
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 :-)
please note that 6/10 into july are bearish periods for corn.
many people think with inflation and the heat wave on the west coast that the corn prices will go up.... i am taking the opposite side and will ride short position until july
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.
CBOT
