Technical Forecast for Corn

Corn rocketed higher through 664/665 to retest resistance at 673/674. We should struggle here today but a break higher cannot be ruled out and could target the 100 day moving average & Fibonacci resistance at 686/687. We will look very overbought short term at this stage so use this as a selling opportunity with stops above 690.

 

Failure to break higher through 674 is likely to see a drift lower towards support at 665/664. Look for a low for the day here & what may a good buying opportunity but we need stops on longs below 662.