玉米 技術分析 | 玉米 交易: 2018-12-14 | IFCM
IFC Markets - 外匯交易

玉米 技術分析 - 玉米 交易: 2018-12-14

Technical setup bullish for corn prices

Corn technical indicators point to bullish tilt. Will corn prices continue the rebound?

The recent US Department of Agriculture (USDA) WASDE report indicated marginally higher 2018/19 world crop production forecast. Experts however mention a likely lowering of US corn yield estimate in January 11 USDA production forecast. And USDA data show world feed grain stocks, measured by the number of days’ supply excluding China, are falling following lower crops in Europe and Australia. Prices are rising in the last five days with indicators supporting continued bullish momentum.

CORN price rising above MA(50) 12/14/2018  Technical Analysis IFC Markets chart

On the daily timeframe CORN: D1 had been retracing after hitting five-month low in mid-September. The price is above the 50-day moving average MA(50).

We believe the bullish momentum will continue after the price closes above the upper boundary of Donchian channel at 388.3. This level can be used as an entry point for placing a pending order to buy. The stop loss can be placed below last fractal low at 379.9. After placing the order, the stop loss is to be moved every day to the next fractal low, following Parabolic signals. Thus, we are changing the expected profit/loss ratio to the breakeven point. If the price meets the stop loss level (379.9) without reaching the order (388.3), we recommend cancelling the order: the market has undergone internal changes which were not taken into account.

Technical Analysis Summary

PositionBuy
Buy stop Above 388.3
Stop loss Below 379.9

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