After
a protracted downturn, it is now looking that the technical picture is
turning bullish for corn futures. Several major downtrend lines have now
been broken, as futures have been able to bounce from the lows that were made in September.
I
suspect the double bottom breakout sell signal to the downside at the
365-367 that was made earlier this year will be violated to the upside.
There are several reasons why this is likely. For one thing, the follow
through to the downside when the breakout first occurred has been
limited. In addition, there appears to be only limited volume on
weakness.
CORN FUTURES - WEEKLY.
Chart provided by QST
No comments:
Post a Comment