{"id":97429,"date":"2016-10-28T07:13:28","date_gmt":"2016-10-28T11:13:28","guid":{"rendered":"http:\/\/countingpips.com\/?p=97429"},"modified":"2016-10-28T07:13:29","modified_gmt":"2016-10-28T11:13:29","slug":"corn-technical-analysis-october-28-2016-healthy-demand-for-ethanol-production-supports-corn","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2016\/10\/corn-technical-analysis-october-28-2016-healthy-demand-for-ethanol-production-supports-corn\/","title":{"rendered":"CORN: Technical Analysis October 28, 2016 &#8211; Healthy demand for ethanol production supports corn"},"content":{"rendered":"<div id=\"inves-3284452522\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">October 28, 2016<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><p>By <a href=\"http:\/\/www.ifcmarkets.com\/\" target=\"_blank\">IFCMarkets<\/a><\/p>\n<p><strong>Healthy demand for ethanol production supports corn<\/strong><\/p>\n<p>Corn prices had been rising ahead of the US Department of Agriculture\u2019s Weekly Export Sales report. Two weeks ago the October World Agricultural Supply and Demand Estimates report revised downward the US corn production 36 million bushels from the September WASDE forecast to 15.06 billion bushels in marketing year 2016-17. Domestic use numbers remained unchanged from the September forecast, which boosted corn prices. Analysts note that currently purchases by managed money funds as they rotate out of equities with stocks trading in narrow range provide additional support to grains. Another bullish factor for corn is healthy demand for corn by US ethanol producers with weekly ethanol production up 3.1% from the same period a year earlier. Today the US Department of Agriculture\u2019s Weekly Export Sales report will be released, which may affect corn prices depending on US corn export performance and forecasts.<\/p>\n<p style=\"text-align: center; margin-bottom: 20px; margin-top: 20px;\"><img decoding=\"async\" style=\"float: none;\" src=\"http:\/\/www.ifcmarkets.com\/uploads\/images\/Corn_28Oct2016R.png\" alt=\"CORN\" width=\"660px\" \/><\/p>\n<p class=\"emailSummary\">On the daily timeframe <b>CORN:D1 <\/b> has been rising after hitting multi-year low at the end of August. The price has closed above the 200-day moving average MA(200).<\/p>\n<ul class=\"emailSummary\">\n<li>The <b>Donchian channel <\/b> is flat: no trend is indicated.<\/li>\n<li>The <b>Parabolic indicator <\/b> gives a buy signal.<\/li>\n<li>The <a href=\"http:\/\/www.ifcmarkets.com\/en\/ntx-indicators\/macd\">MACD indicator<\/a> is above the signal line and the gap is rising, which is a bullish signal.<\/li>\n<li>The <a href=\"http:\/\/www.ifcmarkets.com\/en\/ntx-indicators\/stochastic\">stochastic oscillator<\/a> is rising and but hasn\u2019t reached the overbought zone yet.<\/li>\n<\/ul>\n<p>We believe breaching above the last fractal high at 364.2, confirmed also by the upper Donchian boundary, will signify continuation of the bullish momentum. It can be used as an entry point and a pending order to buy can be placed above that level. The stop loss can be placed below the last fractal low at 351.8. After placing the pending order the stop loss is to be moved every day following Parabolic signals. Thus, we are changing the probable profit\/loss ratio to the breakeven point. If the price meets the stop loss level (351.8) without reaching the order (364.2), we recommend cancelling the position: the market sustains internal changes which were not taken into account.<\/p>\n<h2 class=\"emailSummary\" style=\"margin-top: 15px !important;\">Technical Analysis Summary<\/h2>\n<table style=\"border: solid 1px black;\" cellspacing=\"0\" cellpadding=\"0\" align=\"left\">\n<tbody>\n<tr>\n<td align=\"left\" valign=\"top\"><b>Position<\/b><\/td>\n<td align=\"left\" valign=\"top\">Buy<\/td>\n<\/tr>\n<tr>\n<td align=\"left\" valign=\"top\"><b>Buy stop<\/b><\/td>\n<td align=\"left\" valign=\"top\">Above 364.2<\/td>\n<\/tr>\n<tr>\n<td align=\"left\" valign=\"top\"><b>Stop loss<\/b><\/td>\n<td align=\"left\" valign=\"top\">Below 351.8<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Market Analysis provided by <a href=\"http:\/\/www.ifcmarkets.com\/\" target=\"_blank\">IFCMarkets<\/a><\/p><div id=\"inves-3949972581\" class=\"inves-in-content inves-entity-placement\"><hr style=\"border: 1px solid #ddd;\">\r\n<div id=\"inpost_ads_header\">\r\n<p style=\"font-size:10px; float:left; color:#666;\">Free Reports:<\/p><\/div>\r\n<div id=\"inpost_ads\"> \r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/1ApBOV\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2018\/06\/graph_techs_PD.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t     <a href=\"https:\/\/goo.gl\/1ApBOV\"><b><u>Get Our Free Metatrader 4 Indicators<\/u><\/b><\/a> - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter<\/p><br><br>\r\n<br>\r\n<br>\r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/f3RrHX\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2019\/01\/cot_pie_80.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t    <a href=\"https:\/\/goo.gl\/f3RrHX\"><b><u>Get our Weekly Commitment of Traders Reports<\/u><\/b><\/a> - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.<\/p><br><br>\r\n<\/div>\r\n<hr style=\"border: 1px solid #ddd;\">\r\n<br><\/div>\n","protected":false},"excerpt":{"rendered":"<p>By IFCMarkets Healthy demand for ethanol production supports corn Corn prices had been rising ahead of the US Department of Agriculture\u2019s Weekly Export Sales report. Two weeks ago the October World Agricultural Supply and Demand Estimates report revised downward the US corn production 36 million bushels from the September WASDE forecast to 15.06 billion bushels [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-97429","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/97429","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=97429"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/97429\/revisions"}],"predecessor-version":[{"id":97437,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/97429\/revisions\/97437"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=97429"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=97429"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=97429"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}