Corn: Potential Double Bottom In Oversold Market

Published 06/25/2014, 12:38 AM

Corn Technicals

Corn December retested June lows at 437/436 and bottomed. A potential bullish double bottom pattern in a severely oversold market! We can dare to look for a sustained recovery now. Buying in to medium terms longs is low risk. We have potential for a good recovery to 454/455 then 466 and possibly as far as 473/478 in the weeks ahead. We can place stops below 430 so the risk vs reward really works.

A sustained break and a daily close below 430 negates the bullish outlook and keeps the market under pressure in to July.

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