Intraday Market Analysis: Corn and Gasoline Projections

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Corn Technical Analysis

Corn is quite attractive in the Summer as lack of rain often triggers a moderate rally in the commodity. The rally that was noted in Corn and Soybeans is as a result of the United Stated Department of Agriculture (USDA) downgraded the crop rating.

Corn 4hr Chart

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Corn 4hr Chart, 17/06/15

Corn 4hr Chart, 17/06/15

Corn rebounded of its support at 348. The rally drove the price to its key intraday resistance where a firm break is required for the commodity to extend its recovery. Although the key resistance lies at 370, should a firm breakout occur the price the target is likely to be 364. Should the intraday resistance (in grey) hold, corrective weakness may be seen towards 353.

For general reference we would like to add that global warming is likely to have long-term effects on Corn, Wheat and Soybeans. Regardless of what is triggering global warming, severe weather conditions have intensified over the years. We are anticipating Corn in particular to rise to historic highs in the years to come.

Gasoline Technical Analysis

Gasoline 4hr chart may appear to be painting a classic double-top reversal pattern but we suspect there is more than what appears to the inexperienced eye. The technical indicators don’t rule out further gains before a reversal, which could suggest the double top formation will be at risk.

Gasoline 4hr Chart

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Gasoline 4hr Chart, 17/06/15

Gasoline 4hr Chart, 17/06/15

The double top resistance is seen at 2.1500. As the technical indicators do not give a green light for the double top formation we suspect further gains may be seen towards the upper resistance (in grey), which would then align the indicators to support corrective weakness in Gasoline. If the upper resistance holds after being tested by the market the weakness may extend towards 2.0880.

We are aware that Saudi Arabia and UAE may cut gasoline imports as soon as next year.

Intraday Market Analysis Outcome

Gasoline 4hr Chart

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Current Gasoline 4hr chart, 17/06/15

Current Gasoline 4hr chart, 17/06/15

Corn broke above the intraday resistance with a successful re-test at the time of this writing as we have anticipated.

Corn 4hr Chart

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Current Corn 4hr chart, 17/06/15

Current Corn 4hr chart, 17/06/15

As Corn and Gasoline intraday analysis is no longer relevant it can  now be accessed by all traders. Intraday market analysis is restricted to members that have signed up for our intrday market analysis plan when it is published on the website. We have been proving trade alerts in the Forex market since May 2014.

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