Corn continued lower in this bear trend & hit our target of 424/423. We are severely oversold now in all time frames so although it is unwise to bet against the bear trend at this stage, we have to watch carefully for a bullish signal. It is becoming too risky now to runs shorts any longer. If however we see a break below 422, look for a test of the next support at 417.
We could start to build a recovery in to the end of the week with our first target at 426/427. If we continue higher look for strong resistance at 428/429 which should hold a move higher today but a break above 430 cannot be ruled out & could target 432/433.