THE VULCAN REPORT
Review of $0$ ZC - CORN E-CBOT Continuous (@:ZCC1#I)
as of Friday, August 12, 2011
Today's Price Action
Change -1.5000 (-0.21%) prices closed lower than they opened. with weak Bids going into the close.
A bearish harami occurred (where the current small black body is contained within an unusually large white body). During an uptrend (which appears to be the case with $0$ ZC - CORN E-CBOT Continuous) this pattern implies an end to the rally as the bulls appear to have exhausted themselves.
During a downtrend the bearish harami pattern is bullish as the bulls appear to be gaining strength as the bears weaken.
A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.
PulseScan Swing Vix
Swing Vix: -1.22
The Market Pulse is negative since it is trading below its zero signal line.The PulseScan crossed above the Swing Vix creating a UP Trend Channel as of 0 period(s) ago.This means that positive momentum has entered the market. Expect sideways to higher prices within the next 3-5 days The Swing Vix is not currently in a topping (above 39) or bottoming (below -39) range.
A buy or sell signal is generated when the Swing Vix moves out of an overbought/oversold area.
*The last signal was a Over-Sold Buy 23 period(s) Ago.
The Swing Vix does not currently show any Failure Swings.The Swing Vix and price are not diverging.
*Since the last Swing Vix signal, $0$ ZC - CORN E-CBOT Continuous's price has been unchanged, and has ranged from a high of 707.75 to a low of 697.50.
MARKET TREND - Currently the TREND is .
TREND STRENGTH - WEAK - RANGE BOUND (Prices have ceased trending and have become consolidated at this time) The market has put in a short term top. This means that the bulls are liquidating long positions thus taking some profit off the table.,,BULLISH MOMENTUM,
The close is currently Above it's PulseWave Cycle TRENDLINE RETRACEMENT. - 587.58
The close is currently Above it's Long Term TRENDLINE RETRACEMENT. - 626.28
INTRADAY PRICE PROJECTIONS
RESISTANCE 708.26 - GO LONG here 712.42 place stoploss here 691.92
SUPPORT 696.99 - GO SHORT here 691.92 - place stoploss here 712.42
WEEKLY PULSE WAVE PRICE PROJECTIONS
PulseWave BreakOut RESISTANCE - 734.08- GO LONG here 734.08 place stoploss here 691.92
PulseWave BreakOut SUPPORT - 646.50-
MONTHLY PRICE PROJECTIONS
BULL MARKET UPTREND - (12-18mo) PRICE TARGET = 1,224.10
Long term Trend Line resistance is currently at - 799.75
Long term Trend Line support is currently at - 587.58
On 8/12/2011, $0$ ZC - CORN E-CBOT Continuous closed
below the upper band by 23.5%.