Instrument: CORN
Time Frame: D1
In the long run the price did test the historical bottom levels around $ 315 / $ 320 then forms a triangle that was subsequently drilled up. We have a presence and a horizontal resistance that was overcome with diagonal triangle. The price has persistently above the levels at the moment grew.
indicators:
CCI (50) is greater than 0 - movement is Long.
50SMA not yet crossed 200SMA.
Correction of the last bar of 50% will give us a better market positioning and shallower stop.
Buy Limit order price of $ 367
SL: $ 358
Alternative scenario: If the price go back in the triangle, the positive scenario for the Corn price will be broke.
Trainee_P_Milanov
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