CORN(CORNUSD) has definitely broken out the 5 years falling wedge and momentum is still very strong with ADX indicator rising above 30. All the nearist resistances are so soft and can be penetrate within a next move. We can go long CORN now aiming the target at 5.000 then 6.000, stop loss at 4.000
Market has failed to close above 29 MAY candle and is trading within this candle range for this past week. Bullish momentum is losing its steam as can be seen from the market structure and also the high volume candle. Waiting for confirmation to close below 29 May candle for trade entry. Watch 3.935 support very closely. I am expecting 3.935 to hold.
Looks bullish.. looking forward a retracement into +- 4 $ or emas line after it's challenging the resistance at $ 4.28
Indicator looks bullish, volume is rising rapidly.
DMI : +DMI is rising and -DMI is dropping hard creating a huge range between them, bullish also DMX is rising too.. bullish momentum is increasing
The CORN has soared for a month because of the China-US trade war.
Will the Corn move up or down in the future?
A good supply zone is above current price and the price seems to stop moving upward.
So it is good to sell at 4.20-4.36 level with stop loss.
SL: above 4.36
If the supply zone is breached, buy at the pullback and aim to 5.0
Corn structure is showing an incoming short opportunity that could be the start of a daily down move. I'll be closely monitoring the price action to get involved within the top.
Currently having a short entry set @ 3.685 but if we do break 3.74, I'm going to adjust my order to an upper point.