Corn (ZC) Nears 2023 Low After Breaking Weekly Chart Triangle Support
Corn (ZC) Weekly/Daily/4hr
Corn (ZCH23) is trying to firm to start the week but remains vulnerable to more downside this week after breaking last Thursday below triangle support (on the weekly chart). Odds are roughly equal for ZC to bounce off downtrend support (on the 4hr chart) before month end as it is for a slide to a fresh 2023 low in the same period. Any deeper slide below the December low in March will dramatically increase the likelihood of a test of the psychologically key 600 whole figure level in the few days after. 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 negatively sloping weekly and daily MACD are weighing on the somewhat bottomish weekly and daily RSI and Stochastics. I am looking to go short in the red zone (of the daily chart), targeting the green 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, VIX
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On the date of publication, Darren Chu did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
