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Corn Commodity Price Analysis 28th June 2018

Commodities / Agricultural Commodities Jun 28, 2018 - 09:20 PM GMT

By: Austin_Galt

Commodities

Pattern – a downtrend is in progress and I believe a “three strikes and you’re out” low formation is setting up with price currently tracing out its way to the third and final low.

Bollinger Bands – price is at the lower band and the question is does price trade down alongside this band or does support come in and send price back up? I lean to the latter.



Horizontal line – denotes the June 2016 high of $439.25 and, while I don’t expect price to take this level out before the third and final low, there is one pattern that would support this. That is a 5 point broadening low whereby this high becomes the point 2 high and breaking above before turning back down would set up a point 4 high. I have my doubts about this set up but it is certainly worth keeping in mind.

Moving averages – in a bearish position but the averages have narrowed and a move up or down, in the short term, would not surprise here.

RSI – oversold.

Quarterly Chart



Pattern – I believe a massive 5 point broadening top is in play with price on its way to a point 4 low.

Fibonacci – the 76.4% angle provided resistance for the previous high and should price go back up now to test that high then this angle should once again prove strong resistance. Ultimately, I favour the point 4 low to be around support from the 88.6% angle. The most recent low was at support from the 76.4% retracement level and I believe price can push a touch lower although the 88.6% retracement level of $222 looks too far away.

Horizontal line – denotes the point 2 low set in 2008 at $290 and price will need to breach this level to set up a point 4 low.

Moving averages – in a bullish position and I am looking for price to test the support from the 200 quarterly average (black).

RSI – just in weak territory although it does seem to be trending up so bears need to be cautious.

Summing up – I believe a major low is on the horizon after which a massive uptrend will commence.

By Austin Galt

www.thevoodooanalyst.com 

Austin Galt has previously worked as a stockbroker and investment banker while studying technical analysis for over two decades. He is also the author of the book White Night: A Colombian Odyssey

Email - info@thevoodooanalyst.com 

My website is www.thevoodooanalyst.com 

© 2018 Copyright  The Voodoo Analyst - All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

Austin Galt Archive

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