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.
The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.