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Corn (ZC) Nearing 38.2% Fib Retrace of May-Jul Slide

Corn (ZC) Nearing 38.2% Fib Retrace of May-Jul Slide

Posted December 5, 2022
Darren Chu
Tradable Patterns

Corn (ZC) Nearing 38.2% Fib Retrace of May-Jul Slide

Corn (ZC) is trying to firm to start the week, but remains vulnerable to sliding in the next day or so to the 38.2% Fib retrace of the May to July slide.  Odds are now moderately high for ZC to retest ahead of the Xmas lull, the psychologically key 600 whole figure level.  A catalyst for a deeper slide to triangle support (on the weekly chart) by January sometime may arrive as early as Friday following the highly anticipated WASDE.  The escalation in the Ukraine-Russia conflict deserves close monitoring.  Congratulations to Premium Members who benefited from the May 28, 2020 alert to ZC’s major bottoming effort and again on Aug 24, 2020.  The still downsloping weekly Stochastics and MACD are weighing on the bottomish weekly RSI.  I am looking to go long in the green zone (of the daily chart), targeting the red zone for Friday.  The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter).  Click here for analysis on SOYBEAN, COCOA

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Source: Interactive Brokers TWS

Sample of Today’s Top 3 Trades Available to Free Subscribers (published Apr 14, 2021

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