TradingView
0
All posts from TradingView
TradingView in TradingView,

Corn - Can Bears lose control? - CORRECTION

Corn - Can Bears lose control? - CORRECTION

Corn CBOT:ZCK2015

Correction - now right panel shows May futures as well. Picture is same, just nominals are higher a bit. * * * Weekly: - Heikin Ashi candle is red and haDelta points down. However so far weekly Kijun Sen provided a good support/resistance. If Kijun holds, then this dip would be only a pull back, possible a second wave of a new bullish setup. If Price breaks below Kijun, then bears can take control again. Looking at Chikou Span being above Price candles, I think a move up from here is a bit more likely, but it is not yet very clear. - Most important key level is 426. A weekly close above opens space for a strategic long term bullish move. Daily: - Price is below the Kumo, but the Ichimoku setup can not be called bearish until Price makes a lower low. There is some chance that we saw only a retest to a possible initial bullish trendline. - Heikin Ashi candle today has a small body, haDelta crossing up above SMA3 again. Also Chikou Span found support at the past Kumo's top. This means selling pressure is slowing down. I think we may try some bottom fishing here, and open some longs, with stop below 379. Do it only with 0,5 trade unit. For a better risk-reward Price should first print a green candle and then break above daily Kumo top at 400. A bullish Chikou Span cross would validate the long trade setup and idea.