Near Term Trend: Positive
Friday’s Close: 396’6 (+ 3 cents)
UPDATE: Our opinion has been to only buy on strength, above 378’4 (384’4 basis September). Four weeks ago Corn settled exactly at 378’4. Based on that we advised, only aggressive traders should go long.
We had a decent profit in the trade, but we raised our protective sell stop and it was elected prior to this past week of trading.
As we stated at that time, we felt it was unfortunate because we may have been whipsawed.
At this juncture, I would only go long on strength – a daily close above 406’0 (key resistance).