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<x-rich>So, here we are again with our Corn outlook. Yesterday move confirmed the strong intermediate-term uptrend, well understandable by seeing the 34-day momentum, which is making higher highs, and is still above its moving average. The intermediate moving average of closes (red line) has turned itself up, so confirming our assumptions.
What could we expect for the future? The uptrend is unquestionable, at least for now: the long position opened on July, 7 is still in effect, and now the stop is placed slightly below the 250 area, to protect the profits without risking to be whipsawed. Additionally, a move back to the 21-day moving average (brown line) together with the momentum pullbacking its moving average should be taken to add positions.
Where can corn go? Frankly speaking, I don't know: if the low volume of latest days will not constitute a threat, I have to recall myself the strong bullish divergences on the weekly chart, and so a target between 300 and 320 isn't improbable.
Have a nice day 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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