Home > charting trendlines, investing, Stock Market, technical analysis > Corn and Sugar facing resistance?

Corn and Sugar facing resistance?

Much has been made of the drought conditions that have shot the price of wheat, soybeans and corn upward.  Only a month ago, the CORN ETF broke to the upside of a falling wedge.  After a quick 20% rally, it now faces resistance at its 2011 high.

While corn has been front and center in the headlines, sugar has quietly rallied up to (4x-tested, 2 year old) trendline resistance in a pennant pattern that dates back four years.  Will it retreat as part of a cooling agricultural frenzy, or will it follow corn and friends with a breakout of its own.

Advertisements
  1. No comments yet.
  1. No trackbacks yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: