100 Day MA Caps Corn Trade
Jan 30, 2012
Grains sold off sharply in today's action with corn down 10, soybeans down 33 3/4, and Chicago wheat holding its ground, down just 2 1/2 cents.
This afternoon we take a look at chart landscape for March corn futures. You can see that the 100 day moving average (MA) is providing substantial overhead resistance in recent days. We have traded at or above the 100 MA six times in recent weeks, but the last time this contract printed a close above its 100 day MA was all the way back in late September. Look for the 100 day MA to provide resistance to the upside, but another strong export sales report on Thursday and dry conditions in South America could push this market higher.
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THERE IS A RISK OF LOSS IN TRADING FUTURES AND OPTIONS. FUTURES TRADING IS NOT APPROPRIATE FOR ALL INVESTORS.
PLEASE READ OUR RISK DISCLOSURE.