ZCZ2014 must stay above 348 tomorrow, 10/17/2014, for a 6-day rally to confirm with this method.
Upside would measure to 376-377 from 352 last.
This is an early call on a market that is VASTLY different looking that the stock market.
Tim 10/16/2014 3:20PM EST 352'2 last
Today's range is above the 5-day mode, which sets up a rally for 4 more days. Today is day 1 of the 5-day anticipated rally. Today's range will be complete when corn closes in an hour. If the low is in for today then this is a buy signal.
Upside potential to 360 where there are 23 days of supply. That is the measured move as well.
Tim
1:25PM EST Tuesday,...
Let me share some more thoughts and more details about my view on Corn with you today.
Daily chart (left panel): As I wrote in my previous post, the positive MACD divergence finally pushed price higher, and that caused a succesful break of the short term bearish trendline. Price retested the Kumo and first important Key resistance at 345-350. Look how perfectly...
The weekly chart shows a bullish divergence, but it is a weird one, I wouldn't count this chart as terribly bullish, and I would not be surprised to see Corn wiggle a bit more close to the current levels. Anyway, a bullish divergence makes it worth placing a bet, but as I said, not the most bullish divergence I've ever seen
The daily chart also shows long term...
A few days rest here and Corn ought to be ready for another move higher.
It's interesting that the rallies have only tended to be 20 cents in the entire decline.
360 target - 330 stop. 340 last.
Buy dips to 338, 336 and then crossing back above 340.
Tim 341 last. 10:42AM EST
Chris Moody posted this script today on the EuroCurrency, but I thought it would be good for Corn since it has been trending so steadily lately. Note just how well it is signaling since May.
I believe markets go through periods of profitability in all kinds of trading methods, so it is a matter of "staying alive" until the method that you use starts to work. ...
Such as most of the commodities, Corn is still bearish trending. There was 1,5 months sideaway consolidation, but then the lower band of the range was broken by bears. No trade idea this time, just some observations:
A) 320 is 10 years (!!!) key support/resistance level.
In 2004 here was the peak. 2006 here was the break through, 2007 Corn retested this level...
ZC has been sold off stronger than most commodities, and its weekly Stochastics is at an extreme low reading. Note how it together with weekly MACD are beginning to turn up. The daily chart including today's action illustrates this bottoming action more clearly, but I've profiled this weekly chart to point out how ZC is currently beneath a long term down channel...
This chart is getting more interesting now. It's time to focus on corn!
Daily: Nice and perfect bearish trend since May-June, which during last 1month (!) end up in a sidaway consolidation. Price has been trading in a very thin range between 353-368. Until 9 candles ago, it was not clear which directionCorn may finally break out. By now we have a lot of early...
ZC is starting to feel choppy in this area so we are taking off our long position at a small loss. Like we mentioned, this could chop until harvest starts. We will keep her on the watch list. NEXT!
The recent consolidation could be a great setup for a rebound to the 38.2% retracement.
At these levels we are also at a major support line from June 2010 and Feb 2009 support.
Corn is still acting well. We were able to take off half our position this AM. We didn't quite hit our first target at the gap fill but captured some decent profits. IF price closes inside the descending wedge we will be out for a small loss and will look for another set up. Stay tuned!
Corn is working well. As an FYI this (ZC1!) is the continuous contract and is priced a little different than the DEC contract. However, the patterns are still the same and they are both working well. We are still long and looking for the gap fill (on continuous contract). We could see some sideways to down movement over the next few days before we start to...
Corn has been in a long lasting downtrend.
The weekly chart leaves room for at least a correction, if not a reversal.
The daily chart does not have a divergence, except for the one on the Force Index, but the hammer 2 days ago tells me that long positions have been manipulated. The Weis Wave has a very nice pattern, which shows that buying is entering the...
And there she is! After the crop report the boys decided to give a little head fake and run the stops of the weak longs. Now if we get above the 362.2 we could see a nice squeeze would could pop us. We are long and will be holding for the gap fill. Understand we are not fools at OFT... we can read. We understand that the agency is calling for a record 14...
The chart is the same as the previous one (link below), just zoomed in a bit.
While Wheat managed to move higher, and actually gave a 4 Hrs time frame counter trend buy signal too, Corn has not been doing much. It is stuck in a very thin range, in between 352 - 361. Maybe the break will happen on back of USDA publishing crop data and export sales, maybe because...
This chart is just a really lovely one to show you the real power of Ichimoku, and to show how nicely it works when something is really trending.
Corn had two really nice trends this year. In the bullish one from january I was involved. Unfortunately I did not pay attention to it later, and I completely missed this beautyful bearish move. At least this chart is an...
The formula for the v formation lines up directly with the 141.4 retracement level.
Also note that there is prior support at this level.
The ichimoku has given a strong tk cross to the down side on this weeks candle stick alone with the candle stick currently below the swing lows.
The formula used for the V formation is on the chart above.
(if this were a...
