Technical Analyst Says Corn's Ascending Triangle Different than Most
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Ascending triangles, like the one seen on a chart of corn futures, usually result in a topside breakout. However, corn's chart is actually bearish, according to Abigail F. Doolittle of Peak Theories research.
"What makes corn's Ascending Triangle so interesting is the fact that this is typically a bullish pattern, but the show put on [in the chart] is reversing corn’s parabolic uptrend into sideways and something that suggests down may be next," said Doolittle. In other words, she thinks corn could reverse its recent gains.
A downside break targets $6.44, and an upside breakout from the triangle, which is still possible, would target $9.20.
Related ETF: Teucrium Corn (NYSE: CORN).
"What makes corn's Ascending Triangle so interesting is the fact that this is typically a bullish pattern, but the show put on [in the chart] is reversing corn’s parabolic uptrend into sideways and something that suggests down may be next," said Doolittle. In other words, she thinks corn could reverse its recent gains.
A downside break targets $6.44, and an upside breakout from the triangle, which is still possible, would target $9.20.
Related ETF: Teucrium Corn (NYSE: CORN).
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