Corn CME May contract Daily Forecast - 07 March 2014

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By Jason Sen
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Corn CME May contract Daily Forecast - 07 March 2014

Corn CME May contract Daily Forecast - 07 March 2014

Corn May held 200 day moving average support at 479/478 to hit our target of 492/493. We topped exactly here but over night have continued higher to 496. There is no reason to stand in the way of this bull run despite the overbought conditions & we look for a test of longer term Fibonacci resistance at 501/502. A good chance of a high for the day here but a break higher cannot be ruled out & could target 506/507. Bear in mind a weekly close above 502 is positive for next week.

Immediate support is 490/489 today & could hold the downside but below here a buying opportunity at 485/484.

Written by: http://www.daytradeideas.com

Corn 2

Corn 3

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