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Corn (ZC) Consolidating Just Below Key 700 Level

Corn (ZC) Consolidating Just Below Key 700 Level

Posted October 17, 2022
Darren Chu
Tradable Patterns
ZC

Corn (ZC) is edging lower to start the week as part of the consolidation near the psychologically key 700 whole figure level and triangle resistance (on the weekly chart).  With ZC having at last week’s peak clawed back above the 61.8% Fib retrace of the May to July slide, any deeper profittaking this week is unlikely to break below the 38.2% Fib.  Keep in mind that July’s 2022 low roughly coincided with 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 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, GBPUSD

Source: Interactive Brokers TWS

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

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