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TFC Commodity Trading Forum

Re: Corn Market
In Response To: Re: Corn Market ()

My charts are mixed. Could go up, just as easily as go down.

One thing to consider though, the weekly chart is near the top of the existing range. Most of that range is completely under all the moving averages. Although this does not mean anything solid enough to place a trade, the tendency right now is for lower prices.

The daily chart, regardless of where it closed, is basically just moving sideways right now, with both bollinger bands angled towards the center and getting narrower. This means a change is likely coming. With the price above the 18 day moving average, the most likely out come is that the price will bounce off of the BB and move below the 18 day MA.

Again, none of these are enough to place a trade, but they are enough to exit a long position by my book....or at least watch it really close to exit.