This report was sent to subscribers on 12/3/08 9:00 p.m. Chicago time to be used for trading on 12/4/08. Everything is done by Howard Tyllas, no program or black box.
March Corn
3.68 1/2 FG |
3.57 1/2 |
--------------3.45 Pivot |
3.32 1/2 |
Use the same numbers as 12/ 2&3 /08 |
|
Trend |
5 day chart............ Down |
Daily chart ..........Down |
Weekly chart ........ Down |
Monthly chart ...... Down |
ATR 14 1/2 Extremely Oversold 8% |
Bear market chart made double bottom lows for now at $3.28 ¾, the resistance remains the blue downtrend line.
Commentary for 12/4/08:
Corn outlook is bleak with crude under $50; a rally in crude oil would help underpin corn.
There is nothing I can say about how bearish this market is. Sparing the details, basically lower ATR's, unwillingness for risk taking, negative supply demand picture, another $7 lower for crude oil, and the charts tell me to sell any rally in corn, wheat, and soybeans. I want to sell rallies at a resistance level rather than sell down here. Corn could go to $2.90.
In my daily numbers for Wednesday my resistance was $.03 from the actual high and my pivot acted as support and was the exactl actual low.
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