CORN wedge / triangle coiling for breakout LONG
CORN on the daily chart since late June has fallen to the present level with a
flat or slowly falling support line. I see this as a falling wedge or a flat bottom triangle
slowly setting up a breakout whose upside could be 30% or more. Price had a nice
green engulfing bar to finish a down week in the general markets. CORN does not
follow the general market. It is following the collapse of the Black Sea grain deal and
the increases in the Brazil export levels. Brazil is coming into its growing season now
as it is in the southern hemisphere and spring approaches. The chart shows
CORN inside the triangle/wedge and is approaching its acute corner. I see this as
a long trade setup which I will take. If you want to trade this trade and am curious as to
the specifics as I see them, leave a comment.
flat or slowly falling support line. I see this as a falling wedge or a flat bottom triangle
slowly setting up a breakout whose upside could be 30% or more. Price had a nice
green engulfing bar to finish a down week in the general markets. CORN does not
follow the general market. It is following the collapse of the Black Sea grain deal and
the increases in the Brazil export levels. Brazil is coming into its growing season now
as it is in the southern hemisphere and spring approaches. The chart shows
CORN inside the triangle/wedge and is approaching its acute corner. I see this as
a long trade setup which I will take. If you want to trade this trade and am curious as to
the specifics as I see them, leave a comment.