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Corn (ZC) Weekly MACD Trying to Positively Cross

By:

CFA, Founder Tradable Patterns

Corn (ZC) Weekly MACD Trying to Positively Cross

Corn (ZC) firmed to end last week, as part of a month long major bottoming effort.  Significantly, ZC closed Fri at the point of breakout above prior downchannel resistance (on the daily and weekly chart), with odds increasing for a reclaiming of former descending wedge support (on the weekly chart) in the next several months.  Steep downchannels beneath a prior descending wedge support eventually reverse (which ZC is attempting), reclaiming prior wedge support.  Trading reopens Monday 8pm EST following the US’ Memorial Day holiday.  Except for the daily MACD which slopes slightly down, the weekly, daily and 4hr RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains.  I am looking to go long in the green zone (of the daily chart), and am targeting the red zone for Friday.  The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter)…Click here to read the analysis of Soybean, Raw Sugar

Sample of Content (below) Available to Free Subscribers (published Feb 18, 2020)

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