Technical forecast for Corn

corn

Corn broke 420/419 & as we warned the outlook remains weak, a break below 415 was seen & the 1 year bear trend continues as we hit the next target of 412/11. We bottomed almost exactly here in fact but with no sign of a bottom we could continue lower this week to 408, 404 & then contract lows at 402/401 which have not been seen since June 2010.

Resistance at 415/16 could hold a move higher but above here look for a selling opportunity at 420/421 with stops above 423.

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