Near Term Trend: Positive
Friday’s Close: 414’2 (+ 3 cents)
UPDATE: Our opinion had been to only buy on strength, above 378’4 (384’4 basis September). Five 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 two weeks ago. As we stated at that time, we felt it was unfortunate because we may have been whipsawed.
Prior to last week we stated, “At this juncture, I would only go long on strength – a daily close above 406’0 (key resistance)”. Based on last Wednesdays settlement we are long once again from 407’0.