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

The main point is the 1st 5 were the same buy set ups. The 6th one which was the same failed with price breaking down. From that point on those previous support levels are still support but the #6 failed set up suggests the uptrend is over. So yes the market support levels at 640 and 608 are still support but are not the same as the 5 buy set ups on the rally up. They are only support levels that price will test on the sell off. Doesn't mean one couldn't buy support there but as you can see with the #6 buy set up failing this suggested the trend was now down. And the next support after the #6 failure failed to hold and price blew through it. But the time the next support at 608 was reached price had retraced a Fib38.2% of the entire June to March rally and that strengthen that price support point and held up without breaking. A tip off that it would hold also was Stochastics falling below the oversold 20 line just like previous low points along the way. Price then rallied up and poked its nose over 640 which is now resistance and must hold above to confirm this isn't just short covering taking place. I don't pay any attention to night trading just regular trading so to me nothing has happened until tomorrow's close. Price must hold above 640 to confirm it has broke over resistance. And as I said look at the chart and see there is very little resistance at the 1st breakdown point at 672. If price gets that far on a rally it could easily blow through there and run up to a double top on May Corn.

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Re: Corn #2/Trades/Lee/