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TFC Commodity Trading Forum

Dec Corn/Artie *PIC*

Now that you have me watching this damn Corn chart I thought I should update it for you. No change since my comments the other day as the chart is bearish. You can see that since the roll over and sell off from the price high with weak momentum that 764 is resistance now and the recent selloff low is support at 710. And the lower technicals are below their center lines and also ran back up to them and rolled over at their center lines rather than crossing. The key now is to watch this tighter range develop as price is now trapped between 710 and 764 and building into a significant breakout or breakdown. You also have an established downtrendline to watch for a breakout as a heads up on a likely bullish breakout over 764 should that occur. And 710 is 1st support that must hold or expect much more downside price action. But recent price action is typical of a 'set up' for a breakout or breakdown of either price that will determine price direction for some time.