December corn (ZCZ25) futures current a shopping for alternative on extra value power.
See on the every day bar chart for December corn futures that costs are in an uptrend. The bulls have the slight general near-term technical benefit as “the pattern is their good friend.” Corn merchants have just lately adopted a “purchase the dip” mentality, which is holding the value uptrend alive.
Basically, there was sturdy international demand for U.S. corn in latest weeks. The upcoming U.S. harvest goes to be massive and doubtlessly record-large, but it surely seems merchants have already factored into corn futures costs a bumper U.S. crop.
A transfer in December corn futures above chart resistance the September excessive of $4.24 3/4 would give the bulls extra energy and it could additionally turn into a shopping for alternative. The upside value goal could be $4.60, or above. Technical assist, for which to put a protecting promote cease just under, is situated at $4.10.
IMPORTANT NOTE: I’m not a futures dealer and don’t handle any buying and selling accounts aside from my very own private account. It’s my purpose to level out to you potential buying and selling alternatives. Nevertheless, it’s as much as you to: (1) determine when and if you wish to provoke any trades and (2) decide the scale of any trades you might provoke. Any trades I focus on are hypothetical in nature.
Here’s what the Commodity Futures Buying and selling Fee (CFTC) has stated about futures buying and selling (and I agree 100%):
Buying and selling commodity futures and choices is just not for everybody. IT IS A VOLATILE, COMPLEX AND RISKY BUSINESS. Earlier than you make investments any cash in futures or choices contracts, it’s best to take into account your monetary expertise, objectives and monetary assets, and understand how a lot you may afford to lose above and past your preliminary fee to a dealer. It is best to perceive commodity futures and choices contracts and your obligations in getting into into these contracts. It is best to perceive your publicity to threat and different points of buying and selling by completely reviewing the chance disclosure paperwork your dealer is required to present you.
On the date of publication, Jim Wyckoff didn’t have (both instantly or not directly) positions in any of the securities talked about on this article. All info and information on this article is solely for informational functions. This text was initially revealed on Barchart.com
