CBoT corn
Corn:
Price tried to but failed to kickstart the rally that we predicted a month ago but made a modest move down instead. Still, same move down was not impulsive and should rather be seen as an extended sideways move of the price. Price has been bumping into a heavy resistance zone that is positioned between, roughly, 362 and 268. We keep our bull scenario unchanged but have moved it a bit in time. We now are looking for another attempt of price to break the 362/368 resistance zone which then should serve as support and give price enough impulse to start trading towards our 420/440 target.
Price tried to but failed to kickstart the rally that we predicted a month ago but made a modest move down instead. Still, same move down was not impulsive and should rather be seen as an extended sideways move of the price. Price has been bumping into a heavy resistance zone that is positioned between, roughly, 362 and 268. We keep our bull scenario unchanged but have moved it a bit in time. We now are looking for another attempt of price to break the 362/368 resistance zone which then should serve as support and give price enough impulse to start trading towards our 420/440 target.
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