Technical Forecast for Corn
Corn tried a move towards 476/477 for profit taking on our longs as hoped but only made it to 474. We just survived a test of Tuesday’s low as we start to look oversold short term. 469/470 should determine today’s direction. A push higher is possible & should target 475/476. A high for the day is possible here but if we continue higher look for a selling opportunity at 484/485. Exit longs & try shorts with stops above 487.
Failure to beat 470 targets this week’s low of 467/466. On a break lower look for a move towards 464/463 & possibly as far as 459. A low for the day could be expected here as we start to look oversold short term, but any longs need stops below 456.
The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.