650 - Tough Technical Barrier for DEC Corn
Oct 24, 2011
We reported on Friday's GrainTV that the 650 level for DEC corn was providing serious resistance and today we saw it once again. We carried the positive momentum from the overnight session into today's trade, but once again sold off hard into the close ending the day up just 1/2 cent at 649 3/4. Technically, this is very bearish but if a breakout does occur expect resistance around the 677 area which is a 50% retracement of September's sell-off. Below is the daily DEC corn chart, take a look at the "grave stone" formations from the last two days of trade. To get live-quotes and charting in your home today, take a Grain Hedge demo or give us a call: 877-472-4607
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