Corn CME: Positive Signals In Oversold Market
Jason Sen | Nov 20, 2013 06:45AM ET
Corn held 412/11 and managed to beat 415/16 as we look for a selling opportunity at 420/421. This should hold a move higher today but shorts need stops above 422 for the next selling opportunity at 424/425.
Below 417 is more negative and risks a slide towards 412/411. Yesterday's price action was quite a positive signal in an oversold market, so 412/411 could hold the downside again today. However, longs need stops below 409 for a test of 404 and possibly contract lows at 402/401 which have not been seen since June 2010.
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