Corn is an interesting product. Normally associated with food, it has become a bit of an energy play for the ethanol component. Now that oil is rallying above $40, Corn (CORN) seems to be getting a bid. If you are interested in the commodities, there are lots of charts that are breaking out. Corn can be a leading indicator for agriculture as well.
With the SCTR above 75, the downtrend in price being broken, and the MACD above zero, the technical indicators are looking very supportive of this move. The higher highs and higher lows in the price trend, as well as a move above the 40 WMA, all give credence to a new trend.
Good trading,
Greg Schnell, CMT, MFTA
About the author:
Greg Schnell, CMT, MFTA is Chief Technical Analyst at Osprey Strategic specializing in intermarket and commodities analysis. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the CMT Association and the International Federation of Technical Analysts (IFTA).
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