A short and Long view on the Weekly chart - CORN Futures
Main items we can see on the chart:
a) On the weekly chart, we can define 3 clear structures
b) The first structure is the support the price is currently in
c) The other 2 zones are the Targets we have either for the bullish or bearish movement
d) Our Long view will wait for the breakout of the descending trendline (yellow line) and we will expect for a corrective structure on a lower timeframe after that
e) The bearish scenario needs the support zone to be broken and then a corrective structure after that. The main target is the next support zone
f) Both scenarios have good potential in terms of movement
a) On the weekly chart, we can define 3 clear structures
b) The first structure is the support the price is currently in
c) The other 2 zones are the Targets we have either for the bullish or bearish movement
d) Our Long view will wait for the breakout of the descending trendline (yellow line) and we will expect for a corrective structure on a lower timeframe after that
e) The bearish scenario needs the support zone to be broken and then a corrective structure after that. The main target is the next support zone
f) Both scenarios have good potential in terms of movement