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December Corn Retreats To Triple Line Of Support

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Note: For a 3 week trial of the Commodity Concepts Weekly Report send an email to: info@commodityconceptsllc.com and ask for the "Weekly Report". This is a "cut to the chase" weekly report including both fundamental information and technical chart analysis with firm sales objectives designed for the US grain farmer. This weekly report published since 2000 has never before been released to the general public until recently.

December futures continued their decline off of last week's Doji Star high point of 4.165. This market is now transitioning into a short term neutral to negative mode with momentum on the decline. Monday's trading activity pushed values to a triple line of support of 4.07. If fresh bullish news doesn't materialize soon the market may seek out further downside objectives. There's a dual line of support under the market at the 40 DMA which is also a 50% retracement objective at 4.04. Additional support is noted at the April low of 3.96 and the March low of 3.91. These lower levels should hold for the time being while planting progress remains very slow. If selling pressure dries up the market will encounter initial upside resistance at 4.13 followed by last week's high of 4.165. Secondary resistance is the the July high of 4.29 and then 4.39.

"The more extensive a mans knowledge of what has been done, the greater will be his power of knowing what to do."-Benjamin Disraeli

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