Corn Preparing to Turn?
Corn has been decelerating for quite a few months now and is currently rejecting key resistance (monthly 200ema/200ma + monthly fibs) with a high-test.
Price action seems to be hinting at a turn from here in the near future down to $302.00, the September '09 low that sent us into an enormous rally to form the '12 highest high. I'm watching for a rejection of this 09' level over the next year or two that should align with the bottom in wheat. I expect a HUGE rally following that bottom to retest $746.00
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Checkout my website @ PatsTrades (link is on my profile page below my picture) for my analysis on other trades like this and subscribe to avoid missing out on ideas and entries.
Thanks!!
Price action seems to be hinting at a turn from here in the near future down to $302.00, the September '09 low that sent us into an enormous rally to form the '12 highest high. I'm watching for a rejection of this 09' level over the next year or two that should align with the bottom in wheat. I expect a HUGE rally following that bottom to retest $746.00
---
Checkout my website @ PatsTrades (link is on my profile page below my picture) for my analysis on other trades like this and subscribe to avoid missing out on ideas and entries.
Thanks!!
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