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Traders,
Thought I'd share some things I was looking at on the May Corn chart -
looks like a good short trade:
1. there is what Cardwell called a "Negative Reversal" (market becoming
more overbought at lower levels) - RSI making higher highs while price
is making lower highs
2. the longer term bearish trend
3. the short rally on the daily charts broke (and gapped) to the
downside yesterday
4. there is a symmetrical triangle on the weekly chart
5. much of the recent price rally (last week) was due to net short
covering
6. there is the possibility of a H&S bottoming pattern forming, but the
right shoulder is not yet in place - still downside potential
7. the %R is overbought
8. the %k & &d stochastic look ready to turn from over the bought area
On the other side, commercials are net long....but they often are wrong
for quites some time before price turns in their direction.
Any comments?
- Kevin
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