🚀 ProPicks AI Hits +34.9% Return!Read Now

Corn CME: Outlook Remains Negative

Published 03/12/2014, 07:04 AM
Updated 07/09/2023, 06:31 AM

Corn CME Weekly Chart

Corn CME held support at 473/472 exactly as predicted and ran in to our resistance at 484. We topped almost exactly here as expected and now need to watch the 479/480 level. The outlook remains negative so we could move below here and target 475/473 again. A break lower is far more likely today but meets good support at 469/468. A low for the day is expected if seen, but longs need stops below 465. Next downside target and support is then 459/458. Just be aware that a close below 477 tonight is negative for the rest of the week.

Immediate resistance at 484/485 could hold a move higher again today. However an unexpected break higher targets strong resistance at 487/488 and if we reach as far as 491 use this as a selling opportunity today.

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.