Corn To Remain Volatile
Eddie Tofpik | Mar 02, 2015 13:07
Last time, as a result of the testing down to the key 50% Fib at 367¾ I moved the bullet point for Corn into mildly bearish – that was a mistake because no sooner had I done so and the market rebounded but failed to make new highs – so in effect went into neutral – looking at the MAs above on the Daily Chart I think you can see what I mean.
I have altered the bullet point above to reflect this. Frankly I see the market being caught between two forces – on MAs we have overhead(ish) resistance of the Long MA (currently 384) whilst below we have the support of the Medium MA at 379! A little wider we have the resistance of the key 50% Fib at 418¾ whilst below we have the support of the key 50% Fib at 367¾!
There is the dichotomy as forces pull in either direction and they seem to cancel each other out somewhat!
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