- Analytics
- Technical Analysis
CORN Technical Analysis - CORN Trading: 2022-12-13
Corn Technical Analysis Summary
Above 673
Buy Stop
Below 632
Stop Loss
| Indicator | Signal |
| RSI | Buy |
| MACD | Neutral |
| MA(200) | Neutral |
| Fractals | Neutral |
| Parabolic SAR | Sell |
| Bollinger Bands | Neutral |
Corn Chart Analysis
Corn Technical Analysis
On the daily timeframe, CORN: D1 remains in the down channel. To reverse upward, it must exceed the 200-day moving average line. After that, other indicators of technical analysis may form signals for a further increase. We do not rule out a bullish movement if CORN: D1 rises above its latest up fractal, Parabolic signal and 200-day moving average line: 673. This level can be used as an entry point. The initial risk limit is possible below the last lower fractal and the lower Bollinger line: 632. After opening a pending order, we move the stop following the Bollinger and Parabolic signals to the next fractal low. Thus, we change the potential profit/loss ratio in our favor. The most cautious traders, after making a trade, can switch to a four-hour chart and set a stop loss, moving it in the direction of movement. If the price overcomes the stop level (632) without activating the order (673), it is recommended to delete the order: there are internal changes in the market that were not taken into account.
Fundamental Analysis of Commodities - Corn
USDA cut its forecast for the corn crop. Will CORN quotes turn up?
According to the USDA, the global corn crop in the 2022/2023 agricultural season will be 1,161.9 million tons. 4.5% (by 55 million tons) less than the preliminary harvest in the 2021/2022 season. The main reduction in corn production is expected in the US itself, as well as in the EU countries, Ukraine, Russia, India and Pakistan. In addition to lowering the forecast for world production, the USDA also assumes a reduction in world exports and stocks of corn. Conab slightly reduced its crop forecast for Brazil this year by 600,000 tons to 125.8 million tons (+11.2% y/y).
- Get Certificate
Note:
This overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or а recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.
