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Corn (ZC) Weekly MACD Trying to Positively Cross

Corn (ZC) Weekly MACD Trying to Positively Cross

Posted April 24, 2023 at 2:27 am
Darren Chu
Tradable Patterns

Corn (ZC) appears vulnerable to more healthy profit taking to start the week after failing last week to close above symmetrical triangle resistance (on the weekly chart) following Tuesday’s surge above it.  A break below upchannel support (on the daily chart) seems likely in the next day or so, with moderate odds for a retest of the April low before month end.  A higher probability is for reclaiming the 2023 high during the same period.  Nevertheless, the bigger picture is mixed, with ZC all but certain to remain within the 600-700 range the balance of April.  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 or consolidating recent gains, 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).  Click here for analysis on SOYBEAN, VIX

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