Technical forecast for Corn

corn1

Corn rocketed higher through 664/665 to retest resistance at 673/674. We should struggle here today but a break higher cannot be ruled out and could target the 100 day moving average & Fibonacci resistance at 686/687. We will look very overbought short term at this stage so use this as a selling opportunity with stops above 690.

Failure to break higher through 674 is likely to see a drift lower towards support at 665/664. Look for a low for the day here & what may a good buying opportunity but we need stops on longs below 662.

Jason Sen began his career in the options pits on the trading floor of LIFFE in 1987 at the age of 19, making markets on his own account. In 2001 when the trading floor closed he successfully made the transition to day trading on computer screens. Jason always had an interest in technical analysis throughout his trading career but began to study this area in depth from 2006. www.daytradeideas.com has established itself as the leading provider of... More