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.