Technical forecast for Corn

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Corn tried a move towards 476/477 for profit taking on our longs as hoped but only made it to 474. We just survived a test of Tuesday’s low as we start to look oversold short term. 469/470 should determine today’s direction. A push higher is possible & should target 475/476. A high for the day is possible here but if we continue higher look for a selling opportunity at 484/485. Exit longs & try shorts with stops above 487.

Failure to beat 470 targets this week’s low of 467/466. On a break lower look for a move towards 464/463 & possibly as far as 459. A low for the day could be expected here as we start to look oversold short term, but any longs need stops below 456.

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