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South Central Iowa | I'm waiting for $3.50. That is my target to roll down puts and exit scalp shorts. This is filling the roll gap; explained in the link. Against the puts, I will buy on the 1/3 ascending speed. That SRL is a stronger one, being from last autumn's low and this summer's high, it should provide good support. It is at $3.47'0 on Friday. Also, $3.46-48 is a zone of price action on the continuous going back to 2014. It's a good place for a bounce, maybe a bottom. If the 1/3 SRL provides support, we could head back to the 1/2 ascending speed. That and the 1/2 descending cross around $3.69 in mid September. Unless USDA dumps yield on the September WASDE, I would think we reject at the halves and descend back to the 1/3 again to test that low.
That's my thoughts. I'll be buying against puts though, I would have some downside coverage in place. I do have a lower target around Labor Day with several layers of support crossing around $3.42. I could measure possible down of $3.01, but I think that has a snowball's chance in hell of occurring.
The chart and those thoughts; it is a few days old.
https://talk.newagtalk.com/forums/thread-view.asp?tid=726740&mid=620... | |
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Corns final stand
