Corn Futures Give a Fourth Buy Signal, Poised For Breakout?
Trading commodity futures and options involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge and financial resources.
Corn futures rallied today (11/08) along with much of the grain complex.
This move higher suggests a fresh buy signal on the daily chart for December corn futures. This is the fourth buy signal corn has given me since the trend changed to the upside on the daily chart in mid-October. Although corn has been trading sideways since mid-October, I do have a fresh buy signal and the Bollinger bands are showing a formation that often suggests a break out. The 50-day SMA's on both the weekly and monthly charts are pointing up.
The USDA Crop Report comes out tomorrow morning before the opening which may stimulate a major market move.
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Futures, options and forex trading is speculative in nature and involves substantial risk of loss. All known news and events have already been factored into the price of the underlying commodities discussed.
