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Technical Forecast for Corn

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Technical Forecast for Corn

 


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.

 

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