Corn May held support at 473/472 exactly as predicted & ran in to our resistance at 484. We topped almost exactly here as expected & now need to
Corn CME May contract Daily Forecast - 12 March 2014Corn May held support at 473/472 exactly as predicted & ran in to our resistance at 484. We topped almost exactly here as expected & now need to watch the 479/480 level. The outlook remains negative so we could move below here & target 475/473 again. A break lower is far more likely today but meets good support at 469/468. A low for the day is expected if seen, but longs need stops below 465. Next downside target & support is then 459/458. JUST BE AWARE THAT A CLOSE BELOW 477 TONIGHT IS NEGATIVE FOR THE REST OF THIS WEEK.
Immediate resistance at 484/485 could hold a move higher again today. However an unexpected break higher targets strong resistance at 487/488 & if we reach as far as 491 use this as a selling opportunity today.
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