July Corn Trending Lower as Bulls Fade

April 20, 2009 07:00 PM
 
 Corn futures at the Chicago Board of Trade on Monday hit a fresh six-week low of $3.70 a bushel. Prices are in a fledgling three-week-old downtrend on the daily bar chart as the bears have recently gained fresh downside near-term technical momentum.
    Price action on Tuesday morning did see firmer prices amid a short-covering bounce from recent downside price action.
    The next downside price objective for the corn market bears is to push and close July futures prices below the March low of $3.54 a bushel. Technical support for July corn is presently located at Tuesday's low of $3.77 3/4, at $3.75 and then at this week's low of $3.70.
    For the corn market bulls to begin to regain some fresh upside near-term technical momentum they would have to push and close July futures prices above psychological resistance at $4.00 a bushel. Below that key price level technical resistance for July corn is located at Monday's high of $3.85 1/2, at $3.90 and then at $3.95.

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