Corn hit our selling opportunity at 364/365 with a high for the recovery expected. We wrote: 'Exit longs & try shorts with stops above 368....It does
Corn CME December contract Daily Forecast - 27 October 2014Corn hit our selling opportunity at 364/365 with a high for the recovery expected. We wrote: ‘Exit longs & try shorts with stops above 368….It does look like prices will turn lower sooner rather than later.’ This trade worked perfectly as we collapsed to immediate support at 351/350. Immediate support at 348/347 today but below here targets 342/341. A low for the day is expected but longs need stops below 340 for a move towards support at 337/336.
Immediate resistance at 354/355 but above here targets 358/359 then 361. We should struggle to make gains today but if we continue higher look for a second selling opportunity at 364/365.
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