Market Analytics and Technical Considerations
Key Points
Corn (ZCH23) is attempting to strengthen to begin the week, but it still has some room to fall to the 38.2% Fibonacci retracement of the decline from May to July in the coming day or so. Now there is a decent chance that ZC may revisit at the psychologically significant 600 whole figure mark before the Christmas slowdown. A trigger for a deeper decline toward the triangle support (on the weekly graph) early January could appear as soon as the Friday after the much awaited WASDE. Close observation of the Ukraine-Russian conflict’s escalation is necessary.
Weekly Charts
Weekly Pivots – Fibonacci
|
S3 |
S2 |
S1 |
Pivot Points |
R1 |
R2 |
R3 |
|
US Corn |
602.83 |
618.97 |
628.94 |
645.08 |
661.22 |
671.19 |
687.33 |
