Hi guys this is john the forex guy. After a few months of refining and twerking my plan approach I'm back guys. I believe corn futures will soon sell this is based on the the fact that we are at a psychological supply area but what come to light through my team member is that corn is really over supplied in the world looking deeper these following few months will...
Looking to play a pullback of prices on corn. Targeting the weekly Tenkan for a 2R trade. Small position since its a pullback trade, any signs of bullish resumption I wont hesitate to close.
With wheat prices soaring, and grain exposed agriculture(such as cattle) reliant on the commodity, corn appears to be forming a bull flag. Maize and rice will come into demand when wheat becomes undersupplied.
Hello traders:
CORN has been moving up steadily since the late 2020, continue to impulse up and correct.
We now see a larger, higher time frame descending correction that has been consolidate for about 5 months
Latest development shows us a lower time frame double bottoms, and price has some LTF bullish price action.
Be on the look out for bullish...
Corn seems to be Breaking Out Bullishly from a Descending Channel and the Projected AB=CD move would take us to the 1.13 Retracement. We may be able to take advantage of this Projected move by Entering now on the Breakout and an attempt to capture the CD leg's Projected Move Up.
We also have a bit of RSI Hidden Bullish Divergence to back up this Potential Early C Entry.
after the re-tracement, i was waiting for a bullish corrective structure and i noticed that corn respects the corrective structures to the T. i looking for buys for long
the chart has all the descriptions
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Winter is coming soon. Demand will Be high, Supply will be tight as holiday season is coming. Farmers In others hand started to harvest and Keep Stock Ready For the whole season. Corn Price could be start Rally by end of October.
Should Be a nice swing trade. We will start watching reaction to marking zone for reversal bullish pattern.
For now We wait And see...
Our pivot point stands at 562.25.
Our preference:
target 546.25.
Alternative scenario:
the upside breakout of 562.25, would call for 567.50 and 570.50.
Comment:
the RSI is below 50. The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Corn (CME) (Z1) is trading under its 20 period moving average...
