Corn Continues To Rally As Studies And Sentiment Further Improve
Mike Macdonald | Jun 07, 2016 02:05AM ET
Corn is extending higher still as both momentum studies and the bullish tension indicator continue to improve, with congestion around USD420 reached.
A corrective pullback is possible in the coming days, as short-term studies unwind overbought areas, but any break below the USD401 low of June 1st should remain limited as background monthly studies continue to improve.
Later clearance of USD420 will open up critical monthly resistance at the USD438.75 year-high of July 2015. Further clearance will confirm a significant multi-month base in place above the USD346.50 year low of August 2015, with psychological resistance at USD500 to then attract as investors adopt an outright bullish stance.
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