Technical Forecast for Corn

Corn continued the recovery as predicted & gapped open above 479 in a very bullish move to hit 489. We look for continued gains today with a break above 489 to target 493/494. A push higher through this resistance look possible perhaps later in the week for a test of strong resistance at 497/498. Here we should exit longs & try shorts with the risk of an end to the recovery.

 

Immediate support is 487/486 but below here look for 482 then today’s low of 479. A bounce from here is expected but a break lower would target the gap at 475.