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Re: Corn #2/Trades/Lee
In Response To: Re: Corn #2/Trades ()

No it's not the same. All the other 5 were the same set up of buying on a return to the breakout pt of the previous high within the overall uptrend. The last one #6 failed! That is why I said the other day if long I would have been stopped out buying on the last test 'area' at 672 as it broke down below that 'buy breakout support' price point. And I said then that it was a bearish breakdown and if I made a trade I would be short. Price failed to successfully test #6 buy set up like the previous 5 and a failure suggested the ride up was over with a breakdown. And see price come down and break below the next support at 640 as well. Typical of a trend change to down and confirms the bearish stance on the 1st breakdown. But with price falling to the next support level at 608 which is also a Fib 38.2% retracement this gave much stronger support to this support point with Stochastics back under 20 and curling up again showing an oversold market. I said I expected a bounce back up to the previous broken support of 640 which is now resistance. Price is now trapped between support at 608 and resistance at 640. Price has poked its nose above 640 but only a close that holds above will confirm resistance has been cleared. It can just stay above 640 and trade sideways for days as that would confirm the breakout was valid as well and prove it was not just short covering that took it there. If price can remain above 640 then it will likely rally to the next resistance pt which is the 1st broken support at 672. Plus looking at that price area there is not a lot of resistance at 672 to re-clear. If it gets to 672 I would expect price to blow through it easily and for price to double top at the previous high. But 1st things 1st and price has to hold above 640 to confirm the breakout. That's everything I see on this chart fwiw Lee.

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Re: Corn #2/Trades/Lee