Technical forecast for Corn

corn

Corn continued the recovery as predicted & gapped open above 479 in a very bullish move to hit 489. We look for continued gains today with a break above 489 to target 493/494. A push higher through this resistance look possible perhaps later in the week for a test of strong resistance at 497/498. Here we should exit longs & try shorts with the risk of an end to the recovery.

Immediate support is 487/486 but below here look for 482 then today’s low of 479. A bounce from here is expected but a break lower would target the gap at 475.

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