Corn CME: Stuck In A Range
Jason Sen | Oct 25, 2013 03:13AM ET
Corn stuck in a range all week with resistance at 443/444 then last week's high of 447/448. We held support at 439/438 yesterday but 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 a test of October lows and trend line support at 433/432. This could mark a low for the week but remember the one year bear trend which is showing no sign of reversing at this stage.
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 and we should struggle here. If however we continue higher look for an excellent selling opportunity at 450/451. Expect a high for the week here, so exit longs & try shorts with stops above 453.
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