Corn Confirmation On Weekly
Since a key part of our technical Â analysis is always looking for confirmation on multiple time frames, let’s zoom out to look at the longer-term weekly chart of $CORN:
On the weekly chart above, notice the tight price action near resistance of the 40-week moving average (similar to 200-day moving average) over the preceding four weeks.
When the price of $CORN broke out yesterday, it pushed above the highs of that 4-week range. It’s also quite bullish that yesterday’s volume alone nearly equaled turnover the entire previous week.
With such strong volume confirming a clean weekly breakout and trend reversal, bullish momentum is likely to carry $CORN substantially higher over the next several weeks.
As such, we have added $CORN as a potential buy entry in our ETF portfolio.
This article is brought to you courtesy of Morpheus Trading, LLC.