Wednesday, October 5, 2016
Corn stalls its rally
Corn
on the daily chart has kept a good rally and it is showing a trend change, but
after it broke above the 340.00 level and the 55 day exponential moving average
it stalls at the 346.00 zone during the last few days. The bullish trend is
still in place and the price of corn may try to continue going higher. If it
continues going higher, then the 200 day exponential moving average around the
358.57 level could act as its first resistance. Above the 200 day EMA, its next
resistance is at the 383.88 level. To the downside, the first support is the
340.00 level, but below that level, the 325.00 level could also act as support.
The low at the 312.17 level is its most relevant support so far on the daily
chart.
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We may see a pullback to the 200 EMA before another move upward.
ReplyDeleteI'll watch those levels, thanks.
ReplyDeleteIt seems it will decline at least until the support line of the uptrend channel.
ReplyDeleteIt found resistance at 348.00.
ReplyDeleteThanks for pointing this out!
ReplyDeleteGood assessment! I'll keep it in mind.
ReplyDeleteThanks for the analysis.
ReplyDelete