Corn - Bit of confusion, 7 weeks of consolidation,followed by...
... the follow through may be more up.
Weekly:
- 7 weeks of hesitation and consolidation in form of undecided Heikin Ashi candles.
- Although it is only Monday, this week Heikin Ashi candle may be a bullish one, as haDelta/SMA3 indication is more bullish as well. The oscillator turned bullish too.
- Ichimoku setup is neutral, with some bullish bias: Price enterring Kumo, Chikou is above past candles and points up. Kijun Sen held well and stopped sellers four times!
- Upper supp/res is at 418. Above that level Price would make a bullish weekly Kumo breakout, and the space would open for further and decent bullish move.
Get ready, as a short squeeze and a strategic reversal may arrive soon.
Daily:
- Price action is a bit confusinf. A week ago it looked like a valid bearish continuation and a break of a possible minor uptrend line. However in last three days with Wheat being the leader, Corn started a decent correction too. Now the question is what the Price will do at the 389 supp/res horizontal line? It is also a question wether we've seen developing a decreasing wedge? Anyhow, if Price breaks above 390 and holds, that will be really bullish and more short squeeze will follow.
- Ichimoku setup is turning back to neutral from the initial bearish.
- Heikin Ashi setup is bullish. haDelta/SMA3 further above the zero line, Oscillator turns bullish again. Will it stay like this?
p.s.: I got stopped on my initial longs when price broke back below 380. I reopened longs after I saw the possible up-reversal in Heikin Ashi setup two days ago. Watching 390 key level now, ready to increase longs if Price shoots higher.
Weekly:
- 7 weeks of hesitation and consolidation in form of undecided Heikin Ashi candles.
- Although it is only Monday, this week Heikin Ashi candle may be a bullish one, as haDelta/SMA3 indication is more bullish as well. The oscillator turned bullish too.
- Ichimoku setup is neutral, with some bullish bias: Price enterring Kumo, Chikou is above past candles and points up. Kijun Sen held well and stopped sellers four times!
- Upper supp/res is at 418. Above that level Price would make a bullish weekly Kumo breakout, and the space would open for further and decent bullish move.
Get ready, as a short squeeze and a strategic reversal may arrive soon.
Daily:
- Price action is a bit confusinf. A week ago it looked like a valid bearish continuation and a break of a possible minor uptrend line. However in last three days with Wheat being the leader, Corn started a decent correction too. Now the question is what the Price will do at the 389 supp/res horizontal line? It is also a question wether we've seen developing a decreasing wedge? Anyhow, if Price breaks above 390 and holds, that will be really bullish and more short squeeze will follow.
- Ichimoku setup is turning back to neutral from the initial bearish.
- Heikin Ashi setup is bullish. haDelta/SMA3 further above the zero line, Oscillator turns bullish again. Will it stay like this?
p.s.: I got stopped on my initial longs when price broke back below 380. I reopened longs after I saw the possible up-reversal in Heikin Ashi setup two days ago. Watching 390 key level now, ready to increase longs if Price shoots higher.
