The March
contract of corn has been consolidating between the 334.74 level and the 361.38
level. The 200 day exponential moving average has been acting as a resistance,
even though in one occasion the price of corn broke above that level. There
could be trading opportunities inside the range, but it is risky due to the
fact that the price may break in any direction. The stochastics are coming
close to the over-sold zone; therefore, the price may try to go and visit the
334.74. To the downside, the 320.00 level may act as its next support. To the
upside, the 361.38 level may act as its next resistance if the price visits that
level again.
Thank you for the analysis.
ReplyDeleteVery helpful assessment.
ReplyDeleteThat's good to know, thanks.
ReplyDeleteVery helpful and insightful analysis, excellent.
ReplyDeleteInsightful post, thank you.
ReplyDeleteGood to know, thank you for sharing!
ReplyDeleteThanks for the analysis.
ReplyDelete