Commodity forecast / CORN / Our expectations
Middle-term downward trend, short-term correction as the price entered in consolidation. Lower tops. Couple unsuccessful attempts for break of the FiBo 38.2 and the diagonal resistance of the short-term movement. Price action signal: Pin bar at levels of horizontal and diagonal resistance. Technical indicator: CCI(50) passing level 0 - negative signal. The price is below SMA 200 - negative signal. Downward gap as the price failed to fill the gap - negative signal.
Alternative scenario: If the price breaks above the diagonal resistance and exit from the descending short term movement, the negative scenario will be dismissed.
SL: 356.00
Trader Bozhidar Arabadzhiev
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