Corn Continues To Remain Rangebound
Eddie Tofpik | Apr 06, 2015 09:50
Last month I wrote as my second from last sentence ‘There is the dichotomy as forces pull in either direction and they seem to cancel each other out somewhat!’. Nothing has changed because on the 31st of Mar we had a huge & beautiful Key Reversal Down, all the way to the Long MA (currently acting as support at 374) though not closing below…and what happened over the next couple of days – the Corn market rallied!
We seem very much caught between support at the key 50% Fib at 368 & resistance at 391, 395 & now just under 400! The waviness of the MAs sums this up quite well – neutral and with no trend – almost as it the market is scared to go in either direction! Bullet point stays very appropriately – the same!
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