Jump to content

Corn looks to be topping out after months of gains


MongiIG

Recommended Posts

Corn is on the cusp of a double top formation, with the resumption of Ukrainian grain exports under the Black Sea Grain agreement

bg_corn_crop_harvest_377303410.jpgSource: Bloomberg
 
 Joshua Mahony | Senior Market Analyst, London | Publication date: Tuesday 08 November 2022 

Corn has seen plenty of upside over the second half of the year, with price rising 26% from its July low to October high. That can be attributed to a number of factors, with Russian threats to cut off Ukrainian shipping routes building on yield questions in the wake of a hot summer in the Northern Hemisphere. Nonetheless, while we did see initial threats that the Grain agreement will be withdrawn, Russia has since approved further shipments to relieve any concerns over a supply squeeze. The BBC image below highlights just how important the Ukraine is for Maize (Corn) supply, with the country responsible for 17% of the world’s supply. Given the easing fears around a potential supply squeeze and low yields, we are seeing signs that Corn prices could be topping out here.

BBCUKRAINE81122.PNGSource: BBC

Corn technical analysis

The weekly Corn chart below highlights how price appears to be rolling over, with the stochastic falling back below the 80 threshold. Should that move follow through, it would look like the beginning of a fresh bearish phase for the commodity. It is worthwhile noting the wider bullish trend in play here. This signals the potential for any downside move to be a potential pullback before we move higher once again.

C-Weekly-2022_11_08-12h43.pngSource: ProRealTime

On the daily timeframe, we can see that price appears to be on the cusp of completing a double top formation. A break below the $6.77 per bushel mark would serve to bring a fresh lower low following the recent failure to overcome the previous high set in October. With that in mind, a move below $6.77 would bring about a topping pattern and signal a potential period of downside to come.

C-Daily-2022_11_08-12h51.pngSource: ProRealTime
Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • image.png

  • Posts

    • I overheard a discussion between two friends and one was telling the other that Bitcoin is a scam and that a lot of people preached about the halving and how people could cashout from it. The other friend was trying to convince him to continue holding his asset but he refused and replied that nothing would stop him from selling the coins he's holding.  When I heard that man mentioned cashing out from the halving, I understood that he might know about Bitcoin but he's not properly enlightened concerning it. A lot of expectations were cut short after the halving event cause most people expected Bitcoin to set a new height of $80k but then it didn't even get close to the previous all time high and have reduced below $60k currently.  I think people shouldn't get discourage by that, though I didn't experience other halvings cause I had zero knowledge about Bitcoin then but i think something similar have occurred before in one of the previous halving where Bitcoin price didn't go up as expected but later traced back and went up after some period, a lot of people might begin to panic and sell their coins but I still see this an opportunity to buy more Bitcoin and for those who are not opportuned to do so, holding is the best option, please correct me if you think am wrong  
    • S&P 500, SPY, NASDAQ 100, QQQ, RUSSELL 2000, DAX 40, FTSE 100, ASX 200. Featuring Elliott Wave Technical Analysis Elliott Wave Analysis Indices: Triple Witching Friday 21 June - SP500 and NASDAQ 100: Both indices are in Elliott Wave v of (iii) of iii) of 3 of (5) of 3) of I. The ETFs SPY and QQQ share the same pattern. - RUT (IWM), DAX, and FTSE 100: These indices are struggling to lift off lows. They may need another low to complete their corrective patterns. We are looking for long trade setups if certain levels are met. - ASX 200: Needs to develop support at 7800 to confirm an uptrend and avoid a larger Elliott Wave Triangle pattern. Trading Strategies: - Holding long positions in SP500, NASDAQ, SPY, and QQQ, which are currently the best trade positions. Video Chapters  00:00 SP 500 (SPX), SPY ETF 07:27 NASDAQ (NDX), QQQ ETF 13:39 Russell 2000 (RUT) IWM ETF 15:15 DAX 40 (DAX) 16:33 FTSE 100 UKX (UK100) 19:18 S&P/ASX 200 (XJO) 25:39 End Analyst Peter Mathers TradingLounge  
    • Non-Playable Coin (NPC) is a weird and wonderful experiment that smashes together meme culture, NFTs, and DeFi. It's like someone threw a bunch of internet trends into a blender and hit puree. But hey, that's kind of what makes it interesting. So, NPC has a massive token supply - like, a whopping 7.9 billion. That's basically the entire global population. It's like they're trying to make ownership a thing for the masses. And then there's the Meme Fungible Token (MFT), which is like a token shape-shifter. It can switch between ERC20 and ERC1155 standards, making it a flexible little beast. So, is NPC the ultimate meme coin for the NFT generation just because it got listed on Bitget? Nah, let's not get ahead of ourselves. It's an innovative project, sure, but it's not the only game in town. There are other meme coin and NFT hybrid projects worth exploring. What do you think, folks? Is NPC a brilliant mashup of memes, NFTs, and DeFi, or just a fleeting fad? Share your thoughts in the comments!"
×
×
  • Create New...
us