Corn CME: Bear Trend Persists
Jason Sen | Oct 23, 2013 03:48AM ET
Corn held resistance at 443/444 again as expected to test support is 439/438. We are in a bear trend so failure to hold here today would not be a huge surprise and risks a move to 435. If we continue lower, look for good trend line support at 433/432 and a buying opportunity. This could mark a low for the week and if this holds it would provide a good platform for a sustained recovery in the weeks ahead.
Immediate resistance at 443/444 could hold the topside again today, but above here meets next resistance at last week's high of 447/448. If however we continue higher look for an excellent selling opportunity at 450/451. Expect a high for the week here, so exit longs and try shorts with stops above 453.
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