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<x-rich>Hi Folks! Here is my 2 cents about corn matter...
It looks to me like this time could be the right time for a turn in grains, with particular regard with Corn. In fact, soybeans seem to have just started their bear trend, while wheat proceed at higher speed, and this let me think about the necessity of a consolidation phases, before a new uptrend eventually begins.
As regards corn, have you noticed how every first day of (calendar) month the contract experiment what a Nature's Pulse user would call a "Energy Point"? At least since the beginning of this year, every end of month mark a turning point; please see the attached gif file: at #1, corn end a severe downtrend, and begins a recover, which finish soon, and is followed by a trading range (marked with #2); #3 marks an important low, from which starts a three-month uptrend. But, at the beginning of march (#5) corn proceeds in a trading range, which ends at the beginning of april (#6). The head&shoulders that follows is pulbacked at the beginning of may (#7), and then corn collapses: another rally (#8) at the beginning of june, and here we are.
So, could be expect a very low for corn contract? I don't know, even if it's very possible, at least from this point of view. There's an important down channel to follow, which would be broken at 245 (december contract), where another trendline pass. Sure, the zone below 235 is crossed by the channel return line and another trendline, which would provide support. And, moreover, a marked divergence on 14 RSI let me think... Finally, please note the reached target on RSI h&s.
I pape trade corn with a channel breakout system, and today my SAR level is placed at 246.25. So I'll never exit from my position 'til my stop will be matched!
Greeting to all and pardon for my non-perfect english...
</x-rich>
Attachment Converted: "c:\eudora\attach\Corn.gif"
<x-rich>
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<bold>Gaetano Arnaldo Evangelista</bold> - BARI (Italy)
E-mail: ageitaly@xxxxxx
URL: http://www.geocities.com/wallstreet/8492
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