Near Term Trend: Negative
Friday’s Close: 363’6 (- 1 cent)
UPDATE: Uncanny how the high in July 2016 and the high in February 2017 is 396’0 (perfect double top).
As we stated for the last five weeks, that is currently the line in the sand between a significant retrace and a major upside breakout which could define a bullish 2017.
Thus far Corn remains weak after crashing from that resistance point, and a strong corn market may just be slighted for the Sept/ Dec timeframe.