Corn - Leaning Towards Nice Long Trade
I feel corn is an easy trade at moment. If we look at 4.29 as a kind of average way point at the moment.
If it shoots above that with more news of more crop issues in US, look for an overbought RSI to short or jump on the long train if feel confident. There are uncertainties of the amount of acreage planted, and extended heat causing further crop damage, but there is a good harvest in South American (from my understanding)
But if cooling this week ahead, and crop acreage isn't as bad as people thinking, could be a price breakdown below $4.
Basically, prices below that way point of 4.29 I wouldn't short, and above that I wouldn't long. I want to see some fundamental reason for long or short. Though if wanted to place a position at start of week, I would open a long with low risk equity position.
I feel that risk is to upside at moment, with some bullish news easily pushing to $5. Though over this, demand side reduction could occur, so if it gets there, a short position should be considered.
Unless some overly bearish news, I don't see any huge price drops, and see support around that current $4 - $4.29 level, I see this as an easy long trade (unless fundamental breakdown)
If it shoots above that with more news of more crop issues in US, look for an overbought RSI to short or jump on the long train if feel confident. There are uncertainties of the amount of acreage planted, and extended heat causing further crop damage, but there is a good harvest in South American (from my understanding)
But if cooling this week ahead, and crop acreage isn't as bad as people thinking, could be a price breakdown below $4.
Basically, prices below that way point of 4.29 I wouldn't short, and above that I wouldn't long. I want to see some fundamental reason for long or short. Though if wanted to place a position at start of week, I would open a long with low risk equity position.
I feel that risk is to upside at moment, with some bullish news easily pushing to $5. Though over this, demand side reduction could occur, so if it gets there, a short position should be considered.
Unless some overly bearish news, I don't see any huge price drops, and see support around that current $4 - $4.29 level, I see this as an easy long trade (unless fundamental breakdown)
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