Corn hovering just below our selling opportunity at 420/421. This should hold a move higher today, but shorts need stops above 422 for the next selling opportunity at 424/425.
Being overbought short term we could turn lower today, but be aware that the daily chart is starting to look more positive. Any weakness today therefore may be a good buying opportunity with potential for a rally starting next week.
Below 417 risks a slide towards 412/411. Tuesday's price action was quite a positive signal in an oversold market, so 412/411 could hold the downside again today. However, longs need stops below 409 for a test of 404 & possibly contract lows at 402/401 which have not been seen since June 2010.