CORN Technical Analysis | CORN Trading: 2015-03-30 | IFCM UK
IFC Markets Online CFD Broker

CORN Technical Analysis - CORN Trading: 2015-03-30

Report on crops

At 16:00 CET on Tuesday US Agricultural Service will release a report on crops evaluating wheat and corn reserves at state and private establishments (link). Investors are loking forward to this report because it will forecast future demand and may boost agricultural futures. Let us consider the consolidating continuous CORN futures on the H4 chart.

CORN

The price is in a range in prospect of the fundamental release. Doncian channel doesn't show an incline. The bullish momentum is confirmed by ParabolicSar, which has made a U-turn. Amid consolidation the oscillator signals should be carefully monitored. Despite the trend is keeping its direction, RSI-Bars has breached the support line (see the red mark on the figure above). That means that market is mixed: placing 2 opposite pending orders would be the best tactics. Let us allocate two key levels for that: 399.7 and 393.5. The upper level is confirmed by Parabolic historical signals and the Donchian channel boundary. The support at 393.5 is verified by the bullish “double bottom” pattern and Bill Williams fractals. When the long position is opened, we recommend to pay attention to the oscillator signals. If the ascending momentum is not confirmed by breaching the local overbought zone at 75%, we advise you to place a Stop loss at the break-even point.
When any pending order triggers, the opposite one should be canceled because market is choosing a direction. Stop loss is to be moved every four hours, following Parabolic signals. Thus, we are changing the probable profit/loss ratio for our benefit.

PositionSell
Sell stop below 393.5
Stop lossabove 399.7

PositionBuy
Buy stopabove 399.7
Stop lossbelow 393.5

IFCM Trading Academy - New era in Forex education
Pass Your Course:
  • Get Certificate
trading academy

The best trading conditions and high-level services for our clients

We are ready to assist you on any issue 24 hours a day.

Note:
This overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or а recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.

Close support
Call to Skype Call to WhatsApp Call to telegram Call Back Call to messenger