Corn Meal or Popcorn, in the Chart of Corn
- Posted by Greg Harmon
- on April 12th, 2013
Corn had a massive run up in the summer of 2012. Since then it has slowly churned lower. As we head into the new growing season can wee look forward to another summer where Corn pops to new all time highs or is will it get crushed into cornmeal? The chart suggests the latter. Take a look.
Corn ($ZC_F, $CORN) moved lower in a falling channel from October until breaking the channel lower to start April. It is now retesting the channel break and showing topping signs , candlesticks with long upper shadows. A failure to break back above the channel at about 660 would call for a move lower to 580, an area it has had some familiarity with prior to the 2012 run up. The Relative Strength Index has worked off its technically oversold condition so that will not be an impediment to a reversal lower. The Moving Average Convergence Divergence indicator (MACD) turning back lower nay be your signal to short it. Keep an eye on the crops.
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Gregory W. Harmon CMT, CFA, has traded in the Securities markets since 1986. He has held senior positions including Head of Global Trading, Head of Product Development, Head of Strategy and Director of Equity. (More)
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