Technical forecast for Corn

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Corn continued the recovery as predicted but unexpectedly broke strong resistance at 497/498. to reach 508. This is a 50% recovery of the last leg of the sell off from 19th June & being overbought short term we could see prices drift lower from here. Look for immediate support at 494/493 & a low for the day possible. However a break lower offers a buying opportunity at 485/484.

Resistance at 508/509 could hold the topside again today but shorts need stops above 511 as a break higher could then target the 100 day moving average at 518.

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