Commodity forecast / CORN / Our expectations
Middle-term consolidation. The price is at the upper part of the channel. Unsuccessful break of horizontal and diagonal resistance. Gap due to Roll over, which gives us opportunity for short position. Technical indicator: CCI(50) - Turning south from zone of overbought - when break level 100, the negative sentiment will strengthen. Price action signal: Spinning tops at levels of horizontal resistance.
Alternative scenario: If the price breaks above Fibo 38.2 and the horizontal resistance, the negative scenario will be dismissed.
SL: 359.00
Trader Bozhidar Arabadzhiev
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