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CORN Technical Analysis - CORN Trading: 2020-05-06
Corn Technical Analysis Summary
Above 321.7
Buy Stop
Below 308.9
Stop Loss
| Indicator | Signal |
| RSI | Buy |
| MACD | Buy |
| Donchian Channel | Neutral |
| MA(100) | Sell |
| Fractals | Neutral |
| Parabolic SAR | Sell |
Corn Chart Analysis
Corn Technical Analysis
On the daily timeframe #C-CORN: D1 is consolidating below the 100-day moving average MA(100), which is falling itself. The RSI indicator has formed a bullish divergence. We believe the bullish momentum will continue as the price breaches above the upper Donchian boundary. A pending order to buy can be placed above last fractal high level 321.7. The stop loss can be placed below 308.9. After placing the order, the stop loss is to be moved every day to the next fractal low, following Parabolic signals. Thus, we are changing the expected profit/loss ratio to the breakeven point. If the price meets the stop loss level without reaching the order, we recommend cancelling the order: the market has undergone internal changes which were not taken into account.
Fundamental Analysis of Commodities - Corn
Cold air front is moving to US Corn Belt area. Will the CORN price continue recovering?
US Northern Plains, Great Lakes, Ohio Valley and the Northeast are expected to be dominated by cold air front today as a high-pressure system moves away, according to a US Farm Report. And the northern Corn Belt area could see even colder air at the end of the week. The cold front could pose a risk to newly planted corn fields. A possible freeze/frost damage to planted crops is bullish for corn price.
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