Technical analysis – Will the corn quotes continue to rise?

Dmitry Lukashov IFC Markets

Corn technical analysis summary

Above 671
Buy Stop

Below 571
Stop Loss

Indicator	Signal
RSI	Neutral
MACD	Buy
MA(200)	Neutral
Fractals	Neutral
Parabolic SAR	Buy
Bollinger Bands	Neutral

Corn chart analysis

On the daily timeframe, CORN: D1 has broken through the downtrend resistance line upwards. It must also exceed the 200-day moving average before entering a position. A number of technical analysis indicators formed signals for further growth. We do not rule out a bullish movement if CORN: D1 rises above the latest up fractal, 200-day moving average and upper Bollinger band: 671. This level can be used as an entry point. The initial risk limit is possible below the Parabolic signal, the lower Bollinger band, the 9-month low and the last 2 lower fractals: 571. After opening a pending order, we move the stop following the Bollinger and Parabolic signals to the next fractal low. Thus, we change the potential profit/loss ratio in our favor. The most cautious traders, after making a trade, can switch to a four-hour chart and set a stop loss, moving it in the direction of movement. If the price overcomes the stop level (571) without activating the order (671), it is recommended to delete the order: there are internal changes in the market that were not taken into account.

Fundamental analysis of commodities – Corn

The EU lowered the forecast for the corn crop. Will the corn quotes continue to rise?

The European Commission has lowered the forecast for the corn crop in European countries for the 2022/2023 agricultural season from 65.8 million tons to 59.3 million tons. The main reason for this was the drought in France, Hungary, Romania and Bulgaria. The United States Department of Agriculture expects U.S. corn production to fall 5% this season to 14.36 billion bushels compared to 2021/2022 due to a 4% reduction in planted area and a slight decrease in yields. It is worth noting that earlier the International Grains Council cut its forecast for world corn production.

Want to get more free analytics? Open Demo Account now to get daily news and analytical materials.

Author

Dmitry Lukashov

IFC Markets

Dimtry Lukashov is the senior analyst of IFC Markets. He started his professional career in the financial market as a trader interested in stocks and obligations.

EUR/USD hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.