CORN | Weekly ChartIt's arguably a similar case to the former on wheat... Buying within the lowest decile in a decade, a very asymmetric return distribution, a potential break-out of the down trend.
CORN
CORNNice price action just under the resistance zone which has been tested multiple times.
Pressure might be building up here prior to a breakout.
March CornMarch Corn is creating a bullish flag today suggesting higher prices. Would be careful on this one as more chop would be in the offing for grains before Thursday's report. Next potential high is 366, 88.6% of the XA leg. If bulls can push it higher then the top of this market at 369. If the report on Thursday is bullish then the completion of the Butterfly at 372'4 and possible extension around 380 level.
March CornMarch Corn still sees horizontal movement with creep upwards. Thursday is the USDA report for all grains, but the 2016 crop is still impacting this market. If USDA report shows a lowering of future crops, this may help corn. Also Funds may buy this week so support levels around 354'2 off the 3/1 Gann Fan may hold. If prices fall further look for 349 4/1 Gann Fan as next support.
CORNAt interesting location at the moment.
If market consolidates around this zone, will look to buy on breakout.
If market just break out without consolidating further, will just wait for pullback after breakout.
CORN can't support bullish pricePrice couldn't break MA200. It coincide with a clear resistance level. Short til the next support, and waiting a break to project the short till 3.10.
CBoT CornCorn:
Price recently made some 'trap moves' which made us decide to step away from the market fro some time and let it play out. In meantime we see a clearer pattern being developed again which has resulted in a bull-flag-pattern. Same bull flag pattern has now the potential the unfold its last leg with the 375 level as first target by the end of December where price will meet resistance from the upper boundary of its current ascending price channel. The EW count suggests that pice has began its 3 of 3 wave which should give price support to trade substantia higher levels by the end of January or, possibly, mid February with 440 as second target.
CORN, MONTHLY CHART, BUY, LONG-TERM INVESTMENT PLAN(11-DEC-2016)Long-Term Investment Opportunity:
Corn price is trading down since year 2013 and
the current price is near 8-year history low.
It is good to buy at the MARKET CYCLE LOW and
hold for long term.
Here are few ways to accumulate your long term
investment in Corn:
1. Buy now with little % as the price is already
quite low
2. Buy with more % when the price further drop
to 8-year history low level
3. Buy more % when price drop to 10-year
history low
Tough Going for CornMarch Corn faces a lot of resitance. Improved USDA sales results fight with high corn yields. Corn could also double top and trade back to 347 area. If bulls can push it through resistance at 365'6, it could continue to 375'2. Cypher inside a Butterfly shows a bearish Cypher and downtrend.
Precious Metals continue to UnderperformThe fall from the July high is gathering momentum, with prices extending lower into the end of the year.
This is keeping both Gold and Silver under pressure, suggesting investors will maintain an underweight stance.
Whilst prices are also weakening relative to the broad based Commodities Index, managers are now moving cash into both Base Metals and Energy.
Agriculture. meanwhile, is Underweight.
March 2017 Corn Up but heavy resistance followsCorn continues uptrend but will be met with downtrend resistance at next flight. If broken through will be met with resistance at 370. Double top reversal may occur and create choppy conditions. If it can break through both areas might see Butterfly completion to 402'6. There is a lot of corn on the market, so this would be a challenge for the bulls.
CBoT corn continued long play Corn:
Price mostly moved sideways during the past week but held well. The weekly candle (not attached/displayed) shows an almost perfect 'doji' which principally expresses doubt but we have no reason to believe that price will not continue its rally up and we keep our bull bias unchanged. Our pivotal supportive level remains unchanged at 336 for now.
The upper ascending line that starts at just below 364 on Monday and ends at 366 on Friday is expected to be broken during the coming week which will be the last confirmation that we need for our bull case scenario and after which we expect price to accelerate to the upside.
Our bottom line bias is up from here with essential support at 336.
Corn may be setting up for another move upCorn may be setting up for another move up. Price has found some support and some indicators oversold. watching TSI and ADX to see if they turn up with price.
CORN: Go long at market openWe should enter longs in CORN at market open tomorrow, our risk is 85 cents down from our entry (whatever that is), so size your trade accordingly, risk 1% on the position, and aim for a 13.95% rally, to begin with.
There's a possibility that this is a long lasting bottom in this commodity (and possibly many others), so don't miss out on the move.
Good luck,
Ivan Labrie.
CBoT corn long play carries onCorn:
Price is following our preferred path quite precisely an has confirmed our bull scenario during the past week. The pivotal support has been trailed up to 336 and as long as this low remains unbroken our bull scenario is valid.
Nothing else to add to that other than that our mid term outlook for this price is to reach 30% to 50% higher values during the Feb-May 2017 timeframe but that is still far away and we prefer to take it one step at the time.
CBoT corn keeps its bull scenarioCorn:
Price follows our preferred path reasonably well and we keep our bias unchanged to the upside. Price could extend the pullback that it started last Thursday a bit further early next week but is expect to resume its uptrend latest by Wednesday and possibly earlier. There is an ascending resistance trend line on the upside that starts at 356.5 and ends at 360 during the coming week which, if broken to the upside, will allow price to accelerate drastically. Nothing changes in our outlook, expectations and preferred path except that we have increased our pivotal support level to 325. If price would break that support we would have to reconsider our bull bias for this price and go back to our drawing board.
***Good Short Opp***Notes are on chart.
An aggressive play would be to take a shore futures position.
A conservative approach would be take a short call position.
17 Day $3.65 call option has a premium of $100/contract
ZC: Corn has a new potential uptrend signal hereLet's add to longs at market open, there's a chance a second 'Time at mode' signal confirms on close here. Move all stops to Sept. 12th's low, and open a 1% risk long, if we don't retest the new entry stop on close, we can expect a rally to 364'6 by or before October 25th.
We should see a strong rally from here, and at least 3-4% more upside, before a pause in it.
This is an example of the type of work we do with my signals group, so if you're interested in a free 1 week trial, message me.
Good luck,
Ivan Labrie.
