CORN - Weekly - Technical analysis published on 09/09/2024 (GMT)
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- Timeframe : Weekly
- - Analysis generated on
- Status : INVALID
Summary of the analysis
Trends
Short term:
Strongly bearish
Underlying:
Strongly bearish
Technical indicators
33%
44%
22%
My opinion
Bearish under 435.67 USD
My targets
367.21 USD (-9.39%)
363.67 USD (-10.26%)
My analysis
CORN is part of a very strong bearish trend. Traders may consider trading only short positions (for sale) as long as the price remains well below 435.67 USD. The next support located at 367.21 USD is the next bearish objective to target. A bearish break of this support would revive the bearish momentum. The bearish movement could then continue towards the next support located at 363.67 USD. Below this support, sellers could then target 282.43 USD. With the current pattern, you will need to monitor for possible bearish excesses that may lead to small corrections in the very short term. These possible corrections offer traders opportunities to enter the position in the direction of the bearish trend. Trying to profit from the purchase of these possible corrections may seem risky.
Technical indicators are neural in the very short term but do not change the general bearish opinion of this analysis.
Force
0
10
6.4
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This analysis was given by farmpro. Take part yourself by sharing additional analysis on another time unit:
Additional analysis
Quotes
CORN rating 405.25 USD. The price is up +1.06% over 5 days with the lowest point at 404.00 USD and the highest point at 416.00 USD. The deviation from the price is +0.31% for the low point and -2.58% for the high point.404.00
416.00
405.25
The Central Gaps scanner detects a bearish opening. A small advantage for sellers in the very short term.
Bearish opening
Type : Bearish
Timeframe : Openning
Here is a more detailed summary of the historical variations registered by CORN:
Technical
Technical analysis of CORN in Weekly shows a overall strongly bearish trend. 92.86% of the signals given by moving averages are bearish. The overall trend is supported by the strong bearish signals from short-term moving averages. The Central Indicators scanner does not detect any result on moving averages that would impact this trend.
An assessment of technical indicators does not currently provide any relevant information on the direction of future price movements.
Central Indicators, the scanner specialised in technical indicators, has identified this signal:
MACD crosses UP its Moving Average
Type : Bullish
Timeframe : Weekly
No signals are given by Central Patterns, a market scanner specialised in chart patterns, resistances and supports.
The presence of these bearish patterns in Japanese candlesticks detected by Central Candlesticks that could cause a correction in the very short term were also noted
Bearish harami
Type : Bearish
Timeframe : Weekly
Bearish harami cross
Type : Bearish
Timeframe : Weekly
ProTrendLines
S3
S2
S1
R1
R2
R3
Price
| S3 | S2 | S1 | Price | R1 | R2 | R3 | |
|---|---|---|---|---|---|---|---|
| ProTrendLines | 150.00 | 282.43 | 367.21 | 405.25 | 469.33 | 592.00 | 694.25 |
| Change (%) | -62.99% | -30.31% | -9.39% | - | +15.81% | +46.08% | +71.31% |
| Change | -255.25 | -122.82 | -38.04 | - | +64.08 | +186.75 | +289.00 |
| Level | Minor | Major | Major | - | Major | Intermediate | Intermediate |
To determine price objectives, it is also possible to use the pivot points. Here is the price position in relation to pivot points:
Daily
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 392.00 | 398.75 | 402.50 | 409.25 | 413.00 | 419.75 | 423.50 |
| Camarilla | 403.36 | 404.33 | 405.29 | 406.25 | 407.21 | 408.18 | 409.14 |
| Woodie | 390.50 | 398.00 | 401.00 | 408.50 | 411.50 | 419.00 | 422.00 |
| Fibonacci | 398.75 | 402.76 | 405.24 | 409.25 | 413.26 | 415.74 | 419.75 |
Weekly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 380.33 | 389.42 | 397.83 | 406.92 | 415.33 | 424.42 | 432.83 |
| Camarilla | 401.44 | 403.04 | 404.65 | 406.25 | 407.85 | 409.46 | 411.06 |
| Woodie | 380.00 | 389.25 | 397.50 | 406.75 | 415.00 | 424.25 | 432.50 |
| Fibonacci | 389.42 | 396.10 | 400.23 | 406.92 | 413.60 | 417.73 | 424.42 |
Monthly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 363.67 | 374.33 | 387.67 | 398.33 | 411.67 | 422.33 | 435.67 |
| Camarilla | 394.40 | 396.60 | 398.80 | 401.00 | 403.20 | 405.40 | 407.60 |
| Woodie | 365.00 | 375.00 | 389.00 | 399.00 | 413.00 | 423.00 | 437.00 |
| Fibonacci | 374.33 | 383.50 | 389.17 | 398.33 | 407.50 | 413.17 | 422.33 |
Numerical data
The following is the status of technical indicators and moving averages registered at the time this technical analysis was created:
Technical indicators
Moving averages
| RSI (14): | 34.63 | |
| MACD (12,26,9): | -24.3500 | |
| Directional Movement: | -14.23 | |
| AROON (14): | -92.86 | |
| DEMA (21): | 395.70 | |
| Parabolic SAR (0,02-0,02-0,2): | 419.10 | |
| Elder Ray (13): | -7.84 | |
| Super Trend (3,10): | 444.59 | |
| Zig ZAG (10): | 406.25 | |
| VORTEX (21): | 0.8400 | |
| Stochastique (14,3,5): | 12.84 | |
| TEMA (21): | 391.63 | |
| Williams %R (14): | -77.63 | |
| Chande Momentum Oscillator (20): | -63.25 | |
| Repulse (5,40,3): | 0.6400 | |
| ROCnROLL: | 2 | |
| TRIX (15,9): | -0.7000 | |
| Courbe Coppock: | 28.07 |
| MA7: | 406.64 | |
| MA20: | 398.88 | |
| MA50: | 405.40 | |
| MA100: | 437.71 | |
| MAexp7: | 404.35 | |
| MAexp20: | 427.66 | |
| MAexp50: | 471.59 | |
| MAexp100: | 504.13 | |
| Price / MA7: | -0.34% | |
| Price / MA20: | +1.60% | |
| Price / MA50: | -0.04% | |
| Price / MA100: | -7.42% | |
| Price / MAexp7: | +0.22% | |
| Price / MAexp20: | -5.24% | |
| Price / MAexp50: | -14.07% | |
| Price / MAexp100: | -19.61% |
Quotes :
-
10 min delayed data
-
CBOT Futures
News
The last news published on CORN at the time of the generation of this analysis was as follows:
-
Farmers are battling corn surplus
-
Kellogg's apologizes after a Corn Pops box that some say 'teaches kids racism' ignites fury
-
Drought and corruption fuel corn crisis in Kenya | DW English
-
How corn mazes saved one family’s farming business
-
EU court backs Italian famer who grows GM corn against national law
This member declared not having a position on this financial instrument or a related financial instrument.
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