TradingView
0
All posts from TradingView
TradingView in TradingView,

Slight bullish bias in the neutral zone

Slight bullish bias in the neutral zone

Corn CBOT:ZC1!

Weekly:
- Ichimoku setup is neutral
- Heikin Ashi setup is neutral, with some minor bullish bias -> haDelta crosses above SMA3, but it is still ard zero line, so no momentum gain yet.
- Within a few weeks time Pice can get to a very important long term supp/res level: 396+
Long term bearish trendline, Kijun Sen (26 weeks average ), future Senkou B (52 weeks average )
- Market has been developing a possible bullish channel since Sept/2014 lows.
- Lower key lvls: 373 (Tenkan) and 355+ (trend channel bottom and and horizontal lvl.
- Upper key levels: 396+ and 419+

Daily:
- This is the textbook example of the possibly most neutral Ichimoku setup: Price is in the Kumo, stays between Tenkan and Kijun. Tenkan is below Kijun, and both average lines are also in the Kumo. Senkou lines and Kijun are flat, not pointing in any direction. Even future Kumo shades over price. Obviously 373 - 385 is a neutral range.
- Heikin Ashi is bullish within the neutral range. Momentum could gain only above 385.

I'd say it is a buy on dips until stays above 373. Would be really bearish only below 355. Would be more bullish above 385 and really strategic bullish above 400!

Based on the weekly chart I have the feeling that Corn is building a longer term bottom and may reverse bullish probably next year. Of course we have to wait for price confirmation, until then it is just an idea and a feeling.

Also imprtant to note, that for a bullish reversal the whole agri complex (Wheat, Corn and Soybeans) has to move in same direction. Right now it is not yet true.