Near Term Trend: Neutral to Positive
Friday’s Close: 349’2 (- 2 cents)
UPDATE: Our theme over two months ago: “The overall pattern now resembles an inverted Head & Shoulders. Quite bullish as long as support at 327’0 holds”. Subsequently, once price action traded above the neck line (335’0) nearly eight weeks ago, it returned to the line a few days later and held support in text book fashion. Following that test of support, the market has remained above the neck line but without continued upside momentum.
We had been looking for Corn to trade above 361’0, however 359’0 is as high as this commodity traded.
It’s in position to test that level again.