Technical Forecast for Corn

Corn buying opportunity at 485/484 worked perfectly as we made it back towards resistance at 493/494 for profit taking & attempting shorts. Over night however we have broken lower to our next target of 479 & bottomed exactly here. We are oversold short term but the daily chart is negative so do not rule out a test of good support at 477/476. A low for the day is possible 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.

 

Immediate resistance at 484/485 & we should struggle here. However a break higher could target 492/493 for selling opportunity with stops above 496.