Corn Bearish CypherJuly Corn is falling from downtrend line last 4 days creating a bearish Cypher pattern. Target for today 364. After that a potential target of 356'2 to bottom out RSI.
XC1! trade ideas
Neutral now at equilibrium. Watch for breakout!- The stup is neutral now. Price, Tenkan and Kijun are all in the flat thin cloud.
- Volatility is quite low
- Tightenning triangle. The breakout will bring a quick pickup in momentum
- Heikin-Ashi shows indecision
- Minor bullish view until price holds above Kijun + EWO is green.
- MACD is neutral.
I still have some bullish bias on Corn, espec that I expect USD to weaken more, which should help a bit agris to tick higher. The real key levels are 372 and 378.
Please not May/June contract switch is happening soon. May notice date is 28/April.
Corn Up on USDA ReportLower acreages on Corn have provide an upsurge. Next upside target for Corn is above the 50 day moving average at 380'6 to test resistance. Looking for completion of a bearish butterfly on spring rallies.
Corn & Crude - The long term connection CORN FUTURES vs CRUDE OIL FUTURES
Daily for 7 Years
Would anyone believe that these two markets are somehow this intertwined?
Corn and Crude are like two people walking across a field tied together with a rope. Sometimes one gets away from the other and then they come back together and the other one might stray away.
Using this chart, the decline in Crude Oil could have been telegraphed by the drop in Corn.
Tim
Wednesday April 29, 2015 8:38AM EST ZC1! 363'6, CL1! 56.81
A swing up to 363-367 is possible in Corn- Ichimoku is bearish, but Chikou Span hits past resistance.
- Bearish supports are 362 / 364,85 / 370 (strong supp/res)
- Heikin-Ashi signals a pause, consolidation or minor pull back is possible. haDelta+ and haOscillator tick higher, some short term positive divergence in both.
- EWO adn MACD are bearish
Better risk/reward is still on short side, if market reaches 364 +/- and you see a sell signal there.
short term,short covering rally ?Looking for a short covering rally into Fri. planting intentions report and qtr.stocks
Corn forming CypherMay Corn is forming a Cypher pattern on another down day. Market bought it back somewhat, but we will probably see another down day to 357'4 area. RSI is still down, and Open Interest is starting to roll suggesting a turn. Could see mixed to further down selling until end of week.
Corn Bullish FlagMay Corn created a bullish flag today. Waiting for confirmation tonight and into tomorrow. Corn hasn't made complete 78.2 fall, but this may be as low as corn goes for the moment for a retrace. Flag has both candles pretty close to the same size which is a good sign. Also looking for start of corn in around mid of flag. Upside target 368'4
Corn CrashedCorn is setting up a bullish Gartley pattern. Went below two uptrend lines and stayed below. Bearish Thursday USDA report may see continued drop to 357'4.
Corn looking bearish...Hello all
Just a quick post on corn. Not showing weekly chart here . But weekly is at resistance. Daly is in 7 month long channel and there is trendline there too. looks like it attempted to break it. I will be watching this closely . Any spike higher towards kijun and failure is swing sell targetting previous lows. Let's see how this plays out.
Good luck everyone.
Bearish Corn on USDA reportMay Corn fell further today. Came to trend line. USDA report bearish. Looking for Corn to break trend in the next day or two. Projected Gartley to 357'4
Corn Bullish FlagMay Corn produced a bullish flag today. Upside target 387'2 for triple top with possible continuation to 391'4 at Cypher C position and possible extension into 396 area. Support at 376'4
Update on Corn Futures: retrace, then next leg upThis is a follow up on this forecast:
Still bullish on Corn, after a surge up price retraced.
At this moment Corn is still in that retrace, but expect the next leg up soon.
CBoT corn dailyThe daily MAY17 chart shows that price has been under influence of a solid horizontal resistance line at around the 375 level since October 2016. Price managed to break same resistance on February 7 from where price traded up to 385 until price made a reverse and started trading down towards same 375 level which now serves as support. During the last 2 sessions of last week price actually pierced through same supportive value. However, the green triangle that has been put into chart represents a strong supportive zone which comes from the horizontal trend line at around the 375 level and the ascending trend line which represents the lower boundary of the ascending price channel.
Friday’s candle in the shape of a so-called ‘Hammer’ suggests that the end of the decline of the past 6 sessions is now imminent and that price will find a bottom here. We will allow price one or two more down sessions towards the 363 level before we will consider an alternative short term outlook for this price.
CBoT corn weeklyThe weekly continuation chart shows a very solid bottom at around 320 and an equally very solid top at around 440. Price has been trading sideways between these values since June 2014 and these values are relevant for us to keep in our minds.
From August 2016 on price gradually moved higher from its solid long term supportive level, gradually making higher highs and higher lows.
Within the 320/440 trading range there is a trending ascending channel that starts in August 2016 at 320 and gradually moves up. The ascending resistance of this trending price channel is at around 395 for the coming week and its ascending support is at 360 for the coming week. These supportive and resistance lines are to be kept in mind when looking at the price for the medium/long term. Until proven the contrary we have to assume that price will continue developing within this ascending price channel. Price could well make one more move down for the week to come but we keep our target at the upper boundaries of the ascending channel.
CornMay Corn fell off a bearish flag. Friday may bring mixed trading and possibly lower. USDA reports suggest a lot of corn still available along with South America huge crops. Corn may have a struggle going higher short term.
Look for a buy signal at 369-372 support! $ZC- Price is back to key support marked by Kijun and horizontal line
- trend is bullish, Ichimoku setup is bullish
- Heikin-Ashi shows pull back, but watch out for haDelta+ and haOscillator! Both started to bottom out.
- EWO is bullish
- MACD is in bullish zone, have not crossed down.
Until we have bullish setup, we only look for buy signals at supports. Let's see what Heikin-Ashi tells us in coming days around 369-372.
Corn reversed courseMay Corn dropped last night and came back today. Corn acreage estimates down a little from last year. Possible come back for Corn from here to attempt a double top.
Corn Fall off of ButterflyCorn has fallen off of the Bearish Butterfly. It rose into the extension. Estimators put corn acreage at 90.48 million vs 2016’s 94 million. This should support an rise again on corn. New Butterfly projection fall to 61.8-78.6, then possible rise to a double top or beyond.
CBoT cornThe daily shows a short term heavy vertical resistance zone at around the 365/370 level where price started bumping into during mid October 2017 and a heavy horizontal supportive zone at around the 340/345 level. We clearly see on the chart that price has been testing the resistance level at least 8 times since October 2016 and that price is now in its 9th attempt after the last try did not quite succeed.
The EW count (not displayed on the chart) suggests that price is now in for a wave 3 of (3) of circled 3 which should give price the boost to definitely break the 365/370 resistance level and let price trade to the 400/425 level where we find the previous high of June 2016.
