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Replies to post #5072 on Commodity Futures Trading
11/07/20 10:50 AM
The historical perspective in the Corn (CBT) included a rally from 2005 moving into a major high for 2012, from which the market has been in a bearish trend since then moving into the low in 2016 forming a declining trend of 4 years bottoming at 3146. On the other hand, we have not elected any Yearly Bearish Reversal to date from the turning point of 01/01 from 2012, which tends to warn that the 2012 high could still be challenged until we elect a Yearly Bearish Reversal. Nonetheless, the bounce since the 2016 low has been unable as yet to make any new high. On the other hand, we have elected two short-term Yearly Bullish Reversals to date from the turning point of 01/01 from this 2016 reaction low. The last Yearly Reversal to be elected was a Bullish at the close of 2016. However, the market has been unable to exceed that level intraday since then. This overall rally has been 3 years in the making.
Focusing on our perspective using the indicating ranges on the Daily level in the Corn (CBT), this market remains moderately bullish currently with underlying support beginning at 4034 and overhead resistance forming above at 4096. The market is trading closer to the resistance level at this time.
On the weekly level, the last important high was established the week of October 26th at 4222, which was up 27 weeks from the low made back during the week of April 20th. We have seen the market remain as an inside trading session this past week. Nonetheless, we did still close higher at the end of the session for the week. We are still trading neutral on the Weekly Momentum Indicators so pay attention to the reversals.
Interestingly, the Corn (CBT) has been in a bullish phase for the past 6 months since the low established back in April.
Critical support still underlies this market at 3551 and a break of that level on a monthly closing basis would warn that a sustainable decline ahead becomes possible. Immediately, the market is trading within last month's trading range in a neutral position.
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