Descending Triangle Upside Breakout In U.S. Corn
ashok kamarani | Apr 25, 2016 01:13PM ET
US corn prices are making higher tops (B and D) and higher bottoms (A and C), after the impulsive move of AB i.e from $318 to $420.prices traded in a channel formation(C) whose low was $346.
Prices then breached the Intermediate high B of $420 and moved till D ($443),now U.S CORN found its floor in the formation of descending triangle formation with upside breakout and ready for the upside target of $420 followed by $443.
Closing below $356 will invalidate the pattern.
Indicator view
MACD is above the center line and had a positive crossover and the histogram showing bulls are powerful than bears. RSI has moved out of its consolidation phase and may get to the levels of D as shown in the chart.
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