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Corn - Chance for a multi time frame bullish break

Corn - Chance for a multi time frame bullish break

Corn CBOT:ZC2!

We may have very important and decisive Price action this week in Corn, which in case happens, will be a start of a long term and decent move! Weekly: - Ichimoku setup has turned to neutral since Dec/2014. Chikou is above Price, Price candles are small and are in between Tenkan and Kijun. Price is just below a flat Kumo - Price has been consolidating in a very narrow range, between Tenkan and Kijun for the last 5 weeks. Heikin Ashi candles have small, mixed colour bodies with some upper and lower wicks. haDelta/SMA3 is hesitating around the zero line. - Most importantly look at the major downtrend line! Is the weekly candle about to break a 2,5 years downtrend??? First we need to see a decisive trendline break. Later we can have a Kumo breakout through the ultimate key level of 426, which in case would open space to a decent multi weeks (or multi months) rally in Corn. A close below weekly Kijun Sen would invalidate the long trade idea. Daily: - We have a neutral Ichimoku setup: Price is at Kumo, hesitating ard Tenkan and Kijun Sen. Chikou is also at Price candles. What's more Price is stuck in a triangle. Today or tomorrow it should decide which way to break. The actual Price right now is above the upper tredline, but I like to wait to see a Heikin Ashi candle close as well above the triangle. - Heikin Ashi candles show consolidation, but what makes it rather bullish is today's green candle with haDelta/SMA3 ticking above zero line. It is really time to watch now! Long entries recommended at 395 and/or 400. One more note: what makes me think it is rather possible to see a bullish move than a bearish continuation is that not even the extreme USD strength could put more pressure on Corn prices. I mean this USD bull has a massive headwind bearish effect on commodity prices in general, but as you see Corn seems to be rock solid for the last 5-6 weeks. (meanwhile USD Indx rallied more than 5 % recently)