Corn Technical Analysis Summary
Above 671
Buy Stop
Below 571
Stop Loss
| Indicator | Signal |
|---|---|
| RSI | Neutral |
| MACD | Buy |
| MA(200) | Neutral |
| Fractals | Neutral |
| Parabolic SAR | Buy |
| Bollinger Bands | Neutral |
Corn Chart Analysis
Corn Technical Analysis
On the daily timeframe, CORN: D1 has broken through the downtrend resistance line upwards. It must also exceed the 200-day moving average before entering a position. A number of technical analysis indicators formed signals for further growth. We do not rule out a bullish movement if CORN: D1 rises above the latest up fractal, 200-day moving average and upper Bollinger band: 671. This level can be used as an entry point. The initial risk limit is possible below the Parabolic signal, the lower Bollinger band, the 9-month low and the last 2 lower fractals: 571. After opening a pending order, we move the stop following the Bollinger and Parabolic signals to the next fractal low. Thus, we change the potential profit/loss ratio in our favor. The most cautious traders, after making a trade, can switch to a four-hour chart and set a stop loss, moving it in the direction of movement. If the price overcomes the stop level (571) without activating the order (671), it is recommended to delete the order: there are internal changes in the market that were not taken into account.
Fundamental Analysis of Commodities - Corn
The EU lowered the forecast for the corn crop. Will the CORN quotes continue to rise?
The European Commission has lowered the forecast for the corn crop in European countries for the 2022/2023 agricultural season from 65.8 million tons to 59.3 million tons. The main reason for this was the drought in France, Hungary, Romania and Bulgaria. The United States Department of Agriculture expects U.S. corn production to fall 5% this season to 14.36 billion bushels compared to 2021/2022 due to a 4% reduction in planted area and a slight decrease in yields. It is worth noting that earlier the International Grains Council cut its forecast for world corn production.