Investing.com - Financial Markets Worldwide

Trade Alert on Corn

Published 12/15/2011, 07:58 AM
Updated 07/09/2023, 06:31 AM
OJ
-2.72%
Sell March corn (mini or regular).

  Sell 579 1/2 stop.  Protective stop 606 1/2.  Potential projection 500.

Reasons for the Trade:
1.  The monthly chart is triggering a sell this month.
2.  On the monthly chart corn violated the 20 day ma this month.  That is the first time since Oct. 2008.  At that time the follow through was for 150 points.
3.  The weekly chart is triggering a sell this week.
4.  The weekly chart has been in a downtrend since the June high.  It appears to be starting a third wave down.
5.  The macd is negative on all three charts.
6.  The daily chart is in a downtrend.  It appears to be starting a second major wave down.  The potential projections for this wave down could reach 480.
7.  On the daily chart corn failed to get back over the 600 major support.  That is now major resistance.  
8.  On the daily chart corn violated the 100 and 150 day ma in September.  An attempt to get back over them in November failed - starting the current wave down.

Sell March orange juice.  Sell 160.70 stop.  Protective stop 164.10.  Potential projection 154.00 gap.

Reasons for the Trade:
1.  The monthly chart is triggering a sell this month.
2.  The weekly chart has a previous sell signal that is still intact.
3.  The weekly chart violated the 20 day ma this week.  That is negative and usually the first red flag for further sell-off.
4.  The macd is negative on all three charts.
5.  On the daily chart OJ violated the 20, 100, and 150 day ma within the last week.  That is negative.
6.  Today was an inside day that can trigger a signal and market direction.

CHANGE IN OPEN STOPS:
Short March aussie from 101.02 down to 99.45.

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