Corn Prices Seen Higher In The Coming Weeks
Mike Macdonald | Oct 18, 2016 08:05AM ET
Corn continues to extend gains, with prices pushing above the USD357.50 high of 18 July to reach USD358.75. A short-term corrective pullback is possible, as overbought daily studies unwind, but downside risks are expected to remain shallow as momentum studies and the tension indicator continue to strengthen.
A later break above the USD358.75 high of 14 October will open up the USD370 retracement, with USD374.50 thereafter. Support is raised to the USD335.25 low of 3 October, and extends to congestion around USD330. This area should underpin any immediate setbacks, however, as background studies continue to improve and investors maintain a buy-into-weakness strategy.
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