Corn (ZC) Retesting Weekly Chart Triangle Resistance

Articles From: Tradable Patterns
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CFA, Founder

Tradable Patterns

Corn (ZC) Retesting Weekly Chart Triangle Resistance

Corn (ZC) gapped up more than 2% to start the week, but is likely to consolidate these next few days as it bumps against the psychologically key 700 whole figure level and triangle resistance (on the weekly chart).  With the rebound off upchannel support (on the weekly chart), odds are decent for a test of the same upchannel’s resistance, coinciding roughly with the 2022 high, before year end.  Conversely, any pullback this week is unlikely to see ZC slip back to the 50% Fib retrace of the May to July slide.  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, daily and 4hr RSI, Stochastics and MACD are rallying or bottomish.  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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