Don't Ignore This Chart!

Corn (CORN) Looks Ripe For The Picking

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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

Announcement from the Author

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Greg Schnell
About the author: , CMT, is a Senior Technical Analyst at StockCharts.com specializing in intermarket and commodities analysis. Based in Calgary, he 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 Market Technicians Association (MTA) and the International Federation of Technical Analysts (IFTA).

Greg is also the co-author of Stock Charts for Dummies (Wiley, 2018). Greg joined StockCharts.com in 2012 and has be instrumental in helping launch a variety of new blogs and other commentary platforms. Presently, Greg contributes market analysis commentary to The Canadian Technician, Commodities Countdown and Don't Ignore This Chart blogs. Learn More
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