Corn had a massive run up in the summer of 2012, and has since slowly churned lower. As we head into the new growing season can we look forward to another summer where Corn pops to new all time highs or is will it get crushed into cornmeal? The chart suggests the latter. Take a look.
Corn (ZC_F, CORN) moved lower in a falling channel from October until breaking the channel lower to start April. It is now retesting the channel break and showing topping signs, candlesticks with long upper shadows. A failure to break back above the channel at about 660 would call for a move lower to 580, an area it has had some familiarity with prior to the 2012 run up. The RSI has worked off its technically oversold condition so that will not be an impediment to a reversal lower. The MACD turning back lower may be asignal to short it. Keep an eye on the crops.
The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.
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Corn Meal Or Popcorn, In The Chart Of Corn
Published 04/12/2013, 01:06 AM
Updated 05/14/2017, 06:45 AM
Corn Meal Or Popcorn, In The Chart Of Corn
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