TradingView
0
All posts from TradingView
TradingView in TradingView,

Corn - Consolidation, mixed picture, way is more likely up

Corn - Consolidation, mixed picture, way is more likely up

Corn CBOT:ZC1!

Weekly: - Tenkan/Kijun is in weak bullish cross - Chikou Span likely makes a weak bullish cross too above Price candles. - weekly HA candle is small body with lower and higher wicks, haDelta crossing back above SMA3 - last two weekly candles touched Kijun Sen, which prove to be good support Most likely the pull back wave is over with this week's candle. It means after a Kijun Sen retest Price is ready to go higher from here. Watch 414-416 level, as a weekly break above the horizontal supp/res and the Kumo will open space for a longer term bullish move. Daily: - Price attempted a bearish Kumo break, but in fact the Kumo blocked the move. 366 proved to be a good support for Corn. Now Price is back to the Kumo, trades between Tenkan and Kijun. We can say this is still a consolidation with Price trading at short term equilibrium. - HA candles are green with haDelta and its SMA3 well above zero line. Oscillator is bullish. - If Price breaks above Kijun Sen and later above the Kumo too, that will open space ahead of a stronger bullish move. 415 is a key level on the daily chart too. Strategy is: buy on dips until Price holds above 366, the way is more likely up.