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Corn Technical Analysis - Corn Trading: 2021-10-21

Corn Technical Analysis Summary

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Strong SellSellNeutralBuyStrong Buy

Above 555

Buy Stop

Below 495

Stop Loss

Dmitry Lukashev
Senior Analytical Expert
Articles 1807
IndicatorValueSignal
RSI Neutral
MACD Sell
MA(200) Buy
Fractals Neutral
Parabolic SAR Buy
Bollinger Bands Neutral

Corn Chart Analysis

Corn Chart Analysis

Corn Technical Analysis

On the daily timeframe, CORN: D1 is in an ascending channel and approached the 200-day moving average line. Before opening a position, he must overcome it. A number of technical analysis indicators have generated signals for further growth. We do not rule out a bullish movement if CORN: D1 rises above the 200-day moving average, the last upper fractal and the upper Bollinger band: 555. This level can be used as an entry point. The initial risk limitation is possible below the Parabolic signal, the lower Bollinger line and the last three lower fractals: 495. After opening a pending order, 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 deal, can go to the four-hour chart and set a stop-loss, moving it in the direction of movement. If the price overcomes the stop level (495) without activating the order (555), 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

Corn imports in China increased in September. Will the CORN quotes grow?

According to the General Administration of Customs of the People's Republic of China (GACC), corn imports to China in September 2021 more than tripled compared to the same month in 2020 and reached 3.5 million tons. Another factor in the rise in corn prices may be an increase in the volume of its processing for biofuels in the United States. According to the United States Department of Agriculture (USDA), U.S. ethanol production reached 1.1 million barrels per day (bpd) last week. This is the maximum volume since 2018, before the coronavirus epidemic. Ethanol is used as a biofuel. The demand for it has increased against the background of a strong growth in oil prices. Since the beginning of 2021, WTI has already risen in price by 72%, and corn by only 13%. Unlike the countries of South America, the United States uses mainly corn for the production of biofuels, rather than sugar cane. In the production of corn, the United States ranks 1st in the world, and in the production of sugar - 6th.

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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.