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TFC Commodity Trading Forum

Corn *PIC*
In Response To: Re: Beans *PIC* ()

Pretty nice close for the end of the year at 4.84...down only .39% off the yearly high...an opening above the high next year would indicate that we will have a very strong up year. The last cycle low was on Dec 7th...we're up 16.9% from that low warning us that we are near resistance.

Having elected both monthly and weekly bullish reversals you would to expect a move to retest at least the weekly reversal at 4.57'2 or the monthly reversal at 4.40'6 because of the distance it elected the reversals from the reversal numbers...We know how that turned out on the beans. As long as price stays above 473. on an intraday basis the rally will continue. An opening below 479'2 next week would warn of a temporary high.

For the quarter the projected overhead technical resistance is at 588.0 with support located at 371'6

On the weekly, a close above the close 484.0 will signal a rally to unfold.