Corn Edges Up, Soy Rebounds

By IFC MarketsCommoditiesNov 27, 2015 08:45AM ET

www.investing.com/analysis/technical-analysis--grain_4-:-2015-11-27-272728

Corn Edges Up, Soy Rebounds

By IFC Markets | Nov 27, 2015 08:45AM ET

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-1.08%

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-1.44%

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US Corn

-1.40%

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FCGRc1

-7.14%

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Oats

+4.01%

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Various positive news

Grains futures prices have reached the lower boundary of the upward channel and are struggling for growth on the relatively insignificant positive news. The full reversal upwards is possible only subject to really poor weather and El Nino effects. The probability rises if winter turns out to be extremely warm. Will the prices continue to increase?

The corn edged up after the U.S. Energy Information Administration reported the record weekly production volumes of ethanol in the US. The weekly increase was 3.4% with the volumes reaching 1mln barrels a day, which requires 100mln bushels of corn. Egypt tendered the purchase of 240 thousand tonnes of wheat. The soy is rebounding from the multiyear low. The oats are on increase too. Let’s consider the personal composite instrument &Grain_4.

Grain_4 Daily Chart

On the daily chart, the PCI instrument &Grain_4: D1 is consolidating near the lower boundary of the uptrend. The Parabolic indicator continues giving sell signal, while MACD has formed a signal to buy. The Bollinger bands® have widened a lot, which may mean higher volatility. The RSI has formed small positive divergence. The bullish momentum may develop if the PCI surpasses the upper Parabolic signal, the Bollinger Band and the last fractal high at 368. This level may serve the point of entry. The initial risk-limit may be placed below the two last fractal lows at 347. Having opened the pending order, we shall move the stop to the next fractal low following the Parabolic and Bollinger signals. Thus, we are changing the probable profit/loss ratio to the breakeven point. The most risk-averse traders may switch to the 4-hour chart after the trade and place there a stop-loss moving it in the direction of the trade. If the price meets the stop-loss level at 347 without reaching the order at 368, we recommend cancelling the position: the market sustains internal changes which were not taken into account.

Position Buy Buy stop above 368 Stop loss below 347

Disclaimer: Fulfilling trading operations under conditions of significant leverage, or relatively little changes of the rate of financial tool (currency pair, index, etc.) can cause significant changes to the customer trading account (proportionally to this leverage) . At movement of the market against the customer position he can incur significant loss of part or the whole deposit. The customer is fully responsible for using his financial resources and choosing the trading strategy. Many financial tools have high volatility and/or have significant intraday time ranges of price changes that define high probability of reception of both fast profits and losses from trading operations.

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Corn Edges Up, Soy Rebounds

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