Trade of the week: short corn
We would like to enter a short position on corn with a stop loss above its recent highs at 420.00 and a downside target at 390.00.
(AI video summary)
Previous sugar trading outcome
In this week's IG "Trade of the week", Axel Rudolph focuses on ongoing and potential trades. A short position in soybeans initiated on 9 September remains active, trading sideways with a very wide stop-loss at 1150.00, anticipating a continuation of the downtrend. A recent long position in sugar, initiated due to an ABC corrective wave, saw an impressive 18% rally, surpassing the initial target of 21.00, now trading at 22.72.
This week's trading opportunity
This weeks's trade recommendation is to short corn futures, noting resistance near 416.00-to-419.00 and setting a stop-loss just above 420.00, with a downside target around 390.00 on the front-running futures contract.
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