Technical Forecast for Corn
Corn reached 508 & a 50% recovery of the last leg of the sell off from 19th June & sold off as predicted for a buying opportunity at 485/484. We bottomed exactly here in fact so these trades worked perfectly as we start to look oversold short term. We face resistance at 493/494 for profit taking & if attempting shorts here we need stops above 496 for a move towards 502/503.
We should struggle here but if we continue higher look for a retest of 508 & a selling opportunity. A break below good support at 484 however keeps the market under pressure for 479 then good support at 477/476. A low for the day is expected here but a break lower should fill the gap at 472. Look for a buying opportunity from here down to 470 with a bounce from here expected.
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