Corn: Use 381 As Support
Jason Sen | Aug 19, 2014 08:15AM ET
Corn headed for our selling opportunity at 382/383 where we predicted a high for the day but topped just a fraction early at 381. As expected we saw a drift lower to 370/369 where we said a low for the day was likely and in fact so far we have bottomed exactly here. A bounce from here certainly possible again today but stops needed below 367. If we continue lower use 370/369 as resistance & look for 362/363 then 360 and perhaps a retest of August lows at 358.
Above 372 is more positive and can target 375/376. If we continue higher the 380/381 area is likely to hold a move higher again today but shorts need stops above 384. Go with a break higher this week using 381 as support and look for a move towards 388/389 and possibly as far as 391/392 for a short term selling opportunity.
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