Corn: Could Struggle To Make Gains Today
Jason Sen | Oct 27, 2014 06:55AM ET
Corn hit our selling opportunity at 364/365 with a high for the recovery expected. We wrote: 'Exit longs and try shorts with stops above 368....It does look like prices will turn lower sooner rather than later.' This trade worked perfectly as we collapsed to immediate support at 351/350. Immediate support at 348/347 today but below here targets 342/341. A low for the day is expected but longs need stops below 340 for a move towards support at 337/336.
Immediate resistance at 354/355 but above here targets 358/359 then 361. We should struggle to make gains today but if we continue higher, look for a second selling opportunity at 364/365.
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