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<x-rich>Dear RT,
since I'm going to have a vacation, here's my latest post on dec Corn before leaving.
So the Corn has reached a new high at 274, but closing below its previous open, thus forming a japanese bearish engulfing pattern; the intermediate-term trend seems bullish, as depicted by the 34-day momentum, well above its moving average, and stochastic is approaching its higher zone. In sum, I believe we could assist to a little correction toward the 260 area, leaving the intermediate term status intact. In any case, a market without going below its 3x3 exp. moving average would confirm its strengthness. Also pay attention to the lower red trendline, though I don't believe we're dealing with a flag formation (too wide). In any case, the SAR level for mechanical traders is placed in the 242-243 area (valid until next thursday).
Look at the momentum pulling back its moving average for re-entering the market, or just adding position.
P.S.: It looks like for another time the change of month has marked (at least in closing terms) another change in trend. We'll see if a congestion phase developes, or if it will be something deeper...
Good trading to all.
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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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