Corn gapped-up limit on Friday, but in the perspective of the daily chart, it was nothing spectacular. To cut the move down to size, I'll note that the futures appear bound for a 567-6/8 target, a Hidden pivot that comes from the daily chart. The midpoint resistance at 511.00 was trashed so badly that the target would appear to be a lock. However, the December contract will need to do somewhat better, exceeding a look-to-the-left peak at 600-4/8 recorded in September of 2008, to refresh the bullish impulse on the weekly chart.
CZ10
CZ10 – December Corn (Last:428)
– Posted in: Current Touts Free Rick's PicksThe futures appear to be consolidating around a 425 4/8 midpoint resistance whose 'D' sibling lies at 445 2/8. Since most of the price action over the last three days has been above the midpoint, we should infer that a thrust to the target is imminent. Please note that the "softs" are notorious for making such moves either when Pivoteers are sleeping, or in such a way as to be inaccessible via a conservative buy-stop entry. In this case, any print above August 16's 433 high would create the impulse leg needed to create a possible camouflage opportunity.
CZ10 – December Corn (Last:415)
– Posted in: Current Touts Free Rick's PicksCorn is following wheat higher and should be presumed capable of reaching 442 6/8 (basis December), the 'D' target shown in the chart. The midpoint resistance at 409 4/8 has been smashed, although pullback to that number would be a logical spot to board using a camouflage ABC pattern on the 3- or 5-minute chart. _____ UPDATE: The futures pulled back to as low as 407 after a fleeting spike to 438 6/8. It was possible to get long thereafter taking very little risk -- on August 8 at 419 2/8 -- but the ride would have been stopped out the next day with a small profit.
