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Posted November 8, 2021 at 1:16 am
Corn (ZC) is trying to form the 1st green daily candle in 5 days as shorts begin covering ahead of the highly anticipated WASDE on Tuesday. Significantly, regardless of the downward pressure that can be expected in the day or so after the WASDE, ZC is likely to strengthen by late week. The break 2 weeks ago above triangle resistance (on the weekly chart) suggests low odds for the volatility in the day following the WASDE to send ZC to the weekly chart triangle support. Congratulations to Premium Members who benefited from the May 28, 2020 alert to ZC’s major bottoming effort and again on Aug 24, 2020. The weekly RSI, Stochastics and MACD are bottomish, but weighed by the tiring daily equivalents. I am looking to go long in the green zone (of the daily chart), targeting the red zone for Friday. The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter).
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