Wyckoff Rates the Corn Market 1.0

July 11, 2014 09:03 AM
 

Pro Farmer Technical Analyst Jim Wyckoff says while corn bears have the strong overall near-term technical advantage, the psychology of traders is extremely bearish at present. That hints a near-term market low could be close at hand. Also, the market is still way short-term oversold and at least a corrective bounce is due very soon. Corn bulls' next upside price objective is to push and close prices above major technical resistance at $4.00. The next downside price breakout objective for the bears is pushing and closing prices below solid support at $3.85. First resistance for December corn is seen at $3.95 and then at $4.00. Wyckoff's Market Rating: 1.0

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