CORN Technical Analysis | CORN Trading: 2021-01-14 | IFCM Hong Kong
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CORN Technical Analysis - CORN Trading: 2021-01-14

Corn Technical Analysis Summary

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Strong SellSellNeutralBuyStrong Buy

Above 542.3

Buy Stop

Below 472.5

Stop Loss

Ara Zohrabian
Senior Analytical Expert
Articles 2451
IndicatorSignal
MACD Buy
Donchian Channel Buy
MA(200) Buy
Fractals Buy
Parabolic SAR Buy
On Balance Volume Buy

Corn Chart Analysis

Corn Chart Analysis

Corn Technical Analysis

On the daily timeframe #C-CORN, Daily is rising above the 200-day moving average MA(200), which is rising itself. We believe the bullish momentum will continue as the price breaches above the upper Donchian boundary. A pending order to buy can be placed above last fractal high level 542.3. The stop loss can be placed below 472.5. After placing the order, the stop loss is to be moved every day to the next fractal low indicator, following Parabolic signals. Thus, we are changing the expected profit/loss ratio to the breakeven point. If the price meets the stop loss level without reaching the order, we recommend cancelling the order: the market has undergone internal changes which were not taken into account.

Fundamental Analysis of Commodities - Corn

US Department of Agriculture reduced 2020 corn supply estimates. Will the CORN price continue rallying?

US Department of Agriculture reduced 2020/2021 domestic corn ending stock estimate by 150 million bushels in December to 1.702 billion bushels, a 8.8% downgrade. And its corn production estimate for the 2020/21 marketing year at 14.182 billion bushels fell below market expectations. At the same time USDA lowered its forecast for upcoming harvests in Brazil and Argentina to 109.0 and 47.5 million tons respectively due to dry weather the two key export countries are experiencing. The short-term meteorological forecast remains unfavorable for both countries. And as corn supply estimates are being revised downward market participants expect Chinese corn imports to increase as demand for feed corn grows with rebuilding of China’s hog herd decimated by African Swine Fever. Higher demand and expected lower supply are bearish for corn prices.

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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.

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