Corn CME: Trapped Between 362-370
Jason Sen | Sep 02, 2014 07:56AM ET
Corn went nowhere last week, trapped between 362-370 but the outlook is quite negative for this week. Below 367/366 keeps the market under pressure for a retest of last week's low at 362. A break lower this week targets August lows at 358. There is no guarantee this will hold again if tested today and when we eventually see a breakout it looks more likely to be to the downside. The next downside targets are then 352/351 and 348/47.
Immediate resistance at 369/370 is key for today also and any shorts need stops above 372. Next target is then 376/377 and a high for the day likely.
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