Corn – Weekly Cont: **Technicals showing mixed signals** Will Friday’s bump hold?
Dec21 leading the continuous chart. The lagging indicator turned negative but can turn neutral/positive with a confirmed bounce. The blue Tenkan cross below the red Kijun is bearish. Need a weekly close above the blue TenKan line. The slight uptrend channel was broken, could be labeled as a bear flag and could still target price action lower to 4.66-4.37 area
The green cloud offers up trending support, let’s see if Friday’s 4.97 holds. There is a big gap in volume by price between 4.25 to 5.20 area….Lots of volume at 5.47 will continue to act as a magnet. Above will target 5.89 as a key hurdle to get over…
Dec21 leading the continuous chart. The lagging indicator turned negative but can turn neutral/positive with a confirmed bounce. The blue Tenkan cross below the red Kijun is bearish. Need a weekly close above the blue TenKan line. The slight uptrend channel was broken, could be labeled as a bear flag and could still target price action lower to 4.66-4.37 area
The green cloud offers up trending support, let’s see if Friday’s 4.97 holds. There is a big gap in volume by price between 4.25 to 5.20 area….Lots of volume at 5.47 will continue to act as a magnet. Above will target 5.89 as a key hurdle to get over…