Corn (ZC_F)(CORN) was all the rage in the commodity trading space just a year ago. Reaching prices near 8.50 per bushel in mid 2012, a year later it fell precipitously from 7.30 to 4.50, the current level where it has been loitering for 7 months. But on a closer look it is building a rounded bottom and making 4 month highs. It may be time to buy some corn. The next resistance level higher is about 5.00 to 5.10 per bushel, also where the falling 200 day Simple Moving Average (SMA) sits. That is 13% higher, sure beats knee high by the Fourth of July.
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