#corn trade bias remains bullish. Look for buy signals in dips!Weekly:
- 350 proved to be a strong support/resistance. No lower low below the Kumo, means bearish resumption failed!
- Ichimoku picture is back to neutral, What's more the bias is switching to bullish! Early signals: weekly candle reaches an up to obvious equilibrium level of Kijun Sen - Senkou B - 100 WMA. Chicou Span is trying to cross back above past candles.
- Heikin Ashi signalled reversal last week, this week the signal turns to confirmed bullish, with green candle and haDelta/SMA3 move back above zero line. The candle has long body, no lower wick and very small higher wick -> this means a really strong momentum
- A bullish channel development may be in place, with focus on 415-420 key area: major downtrend line and spot Kumo. If this ultimate Key level will be broken, next tgts come as 450 and 500.
Daily:
- Extreme short squeeze caused a very sharp spike to the thick Kumo. This move turned Ichimoku picture back to neutral from bearish in two days! Price retreats now a bit, but the bias is bullish until trades above Kijun Sen. This means lower support zone is 370-380
- Heikin Ashi again gave early signal of the overbough situation: haDelta peaked at an extreme high, when Price itself reached Kumo resistance at 395. In two days folowing the peak, candles showed exhaustion and later pull back started.
- Possible supports are: 372 / 376. Watch price action and look for Heikin Ashi buy signal in the support zone!
