Corn’s ups and downs

Market Pulse: Oct 3, 2011

December corn opened last week at 645¾ and closed the week at 592½. At the beginning of September, December corn opened at 766.

At Trends in Futures we recommended a short on Sept. 8 at 734. As of Friday’s close we are managing $7,075.00 in OTE. Looking at the daily chart below you will find the technicals lined up nicely with this recommendation. ADX had weakened showing the previous strong uptrend had come to an end. DI- crossed up over DI+ on Sept. 8, and MACD crossed the signal line down on that same date, building divergence. Also, Stochastics were correcting from overbought territory. Looking at the daily chart, you can see how long corn was in overbought territory, reflective of a high ADX number.

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