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CORN Technical Analysis - CORN Trading: 2020-08-18
Corn Technical Analysis Summary
Above 342
Buy Stop
Below 312
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Buy |
| MA(200) | Neutral |
| Fractals | Neutral |
| Parabolic SAR | Buy |
| Bollinger Bands | Neutral |
Corn Chart Analysis
Corn Technical Analysis
On the daily timeframe, Corn: D1 approached the uptrend resistance line. A number of technical analysis indicators formed growth signals. We do not rule out a bullish move if Corn rises above its latest high and upper Bollinger band: 342. This level can be used as an entry point. The stop loss can be placed below the Parabolic signal and two last lower fractals: 312. After opening a pending order, the stop loss should be moved following the Bollinger and Parabolic signals to the next fractal low. Thus, we change the potential profit/loss ratio in our favor. After the transaction, the most risk-averse traders can switch to the four-hour chart and set a stop-loss, moving it in the direction of the biast. If the price meets the stop loss (312) without activating the order (342), it is recommended to delete the order: some internal changes in the market have not been taken into account.
Fundamental Analysis of Commodities - Corn
The United States Department of Agriculture (USDA) has clarified the US corn area. Will the growth of Corn quotations continue?
The USDA noted that its previous estimate of the US corn planted area was rough due to the coronavirus pandemic. According to new information, the cropland was 7 million acres less and amounted to 81.1 million acres. The Derecho storm, which damaged corn crops in the states of Iowa and Illinois, is an additional factor behind the growth of corn prices. Soybean crops suffered, too. The extent of the damage is being refined. So far, it is known that the storm affected 37 million acres of American farmland under various grains and other crops. According to the USDA, there is a good demand for American corn. Total export obligations for the new corn crop reached 451 million bushels, the highest since 1996 for this season of the year.
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