Corn setting a base for up trend
Updated
The monthly cornusd chart looks like it is setting up a base for a new uptrend to begin.
October '15 new resistance->support line at 3.502. Price has closed and held above this line for past 4 months.
Weekly
3.644 last key resistance->support with price currently sitting on it.
Though below 20, +DI and ADX beginning to trend up. The TRIX near 0 but remains positive
Daily
In all 3 time frames, ADX and DMI are not that strong but positive. TRIX put in a sup->res line at 3.648. Price is currently spinning on this point and will be key to hold if price is to move higher from here.
October '15 new resistance->support line at 3.502. Price has closed and held above this line for past 4 months.
- +DI up and ADX is rising though still below 0
- TRIX divergin with price since 2014 with 3 points of focus
- Stoch coming off oversold and moving up
Weekly
3.644 last key resistance->support with price currently sitting on it.
Though below 20, +DI and ADX beginning to trend up. The TRIX near 0 but remains positive
Daily
In all 3 time frames, ADX and DMI are not that strong but positive. TRIX put in a sup->res line at 3.648. Price is currently spinning on this point and will be key to hold if price is to move higher from here.
Note
Corn looks like it's ready to rumble. 3 days left in week and if this closes it off above 3.755 then I think all the time frames are aligning to a serious up trend developing.Note
Updated monthly chart with targets. The weekly close above 3.755 was sign that new highs will be made. Remainder of June and July could be an extremely bullish period.
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