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Corn (ZC) Retesting Weekly Chart Triangle Resistance

Corn (ZC) Retesting Weekly Chart Triangle Resistance

Posted October 2, 2022
Darren Chu
Tradable Patterns

Corn (ZC) is pushing higher to start the week, but likely to hesitate in the next day or so as it bumps up against triangle resistance (on the weekly chart) and the psychologically key 700 whole figure level.  Although healthy profittaking is in order, with ZC’s strong bounce off the July low, ZC appears more likely to retest the 2022 high before year end than to slide back in the same period to the July low, or the 50% Fib retrace of the April 2020 to April 2022 bull market.  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 weekly and daily RSI, Stochastics and MACD are bottomish or consolidating recent gains.  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 WHEAT, SILVER

Source: Interactive Brokers TWS

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

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