This chart is Corntastic! Scott’s looking at $CORN – November 1, 2022CORN
This is Scott with your Chart of the Day. As you rifle through some of your kid’s Halloween candy I want you to look at the ingredients on that candy. Chances are there is corn in it. And so that brought me to look at the Corn ( NYSEARCA: CORN ) chart today. As you can see here, Corn ( NYSEARCA: CORN ) has been up about 30 percent almost since the beginning of the year, and that is not even the high.
My thought is one of the reasons that food is so expensive these days is because the things that go into food are more expensive these days like corn. And if you were to ask me about this chart right here, I have got to tell you, I am leaning biased to the upside. I kind of think corn has room to grow to the upside (I’m trying to get as many puns in here as possible).
As you can see, corn is above all the major moving averages on the daily chart. It is above all the major moving averages here on the weekly chart. And we can draw a very nice downward-sloping trendline from the previous highs, reaching right about where we are right now.
Now, I will be honest, this is not my typical trade but it’s hard to find typical trades in this market. This one does trade a little thin, it does trade a little slower than most things. But like I said, the chart setup is above all the major moving averages and close to a clear level of resistance.