Still No Reason To Look For A Corn Recovery

Published 07/16/2014, 12:27 AM

Corn Technicals

Corn saw a drift lower from resistance at 387/88 and finally hit our target of 379 and bottomed almost exactly here. Again today any bounce meets resistance at 387/88. If we are to build a recovery this week, we must beat strong resistance at 391/392 today to target last Friday's high of 394/395. Only a close above here would be an initial sign of buyers returning and would target resistance at 398. This should hold a move higher at this stage. However, a break above 401 could then target a selling opportunity at 410/411.

Still no reason to look for a recovery just yet despite the severely oversold conditions but we are watching carefully for any positive signal. Immediate support at 380/379 but below here keeps the market under pressure and targets 376/375, then 368/367.

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.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.