11 JUL 2018
The earlier breakout of early May has failed miserably. As is often the case, initial buyers rush for the narrow exit resulting in a strong counter move. This rout is likely to bring prices towards the major support zone around 3.16. Furthermore, a (brief?) push below this area also cannot be excluded.
Due to the near term weakness and fuzzy outlook on the longer term we strong suggest avoiding this market until things cool down and new signals arise.
- Primary trend: neutral
- Outlook: false break, uncertain
- Strategy: avoid
- Support: 3.16-
- Resistance: 3.70 / 3.99 / 4.28+
- Outlook cancelled/neutralized: n/a
Weekly chart Corn (Oanda)