Global uptrend, with an ascending triangle: the price has just broken up the resistance of the triangle.
The objective corresponds to the 50% Fibonacci extension level.
The bearish divergence on the Relative Strength Index (RSI) has just been invalidated
Fundamentals: dry climate conditions in South America (Argentina and Brazil) threaten corn (as well as soybeans)
=>BULLISH
The objective corresponds to the 50% Fibonacci extension level.
The bearish divergence on the Relative Strength Index (RSI) has just been invalidated
Fundamentals: dry climate conditions in South America (Argentina and Brazil) threaten corn (as well as soybeans)
=>BULLISH
Comment:
First objective almost reached. Now, 600 is a support
Comment:
The support around $6 per bushel is under pressure and due to the fundamental news (and the WASDE report of the USDA), I'm not bullish anymore.