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.