Though it has been a tough time for Corn over the past two years, Chris Kimble, of Kimble Charting Solutions, takes to the charts to show how corn futures look to be working on a breakout of a 2-year falling channel while corn now looks to be testing the top of a pennant pattern.
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The chart above looks at Corn over the past 30-years and applies a 2-year rate of change to it. Over the past two years, Corn is down around 45%, been a rough go of it for sure. Could that lead to future opportunities?
Below looks at the best performing assets over the past week (calculated at 8:30AM Central last Friday morning).
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If you like the idea of buying low and selling higher, one might want to look at the chart below.
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At this time, Corn futures look to be working on a breakout of a 2-year falling channel, which is a positive for them. Corn now looks to be testing the top of a pennant pattern at this time. Should it break above this level, it could attract more buyers.
A large unfilled weekly gap remains just above the $6 level. If Corn would fill this gap, some big gains would take place.
By Chris Kimble, Founder, Kimble Charting Solutions
