CBOT Corn

Our December 2 Corn Futures newsletter anticipated the price to move from $577 to a target in the $633-651 range.

We provided an analysis update on January 13 recognizing the importance of the $588 price level with the confluence of the VWAP from the high, the 50- and 200 Day Moving Averages.

The Corn price met our December 2 target, and now we reassess the bullish and bearish scenarios.

The Daily chart below demonstrates how the low and high levels of this range have been acting as resistance.

We can also see these levels of resistance on the Weekly chart below.

Note the green 9 count on this week’s candle with the confluence with the upper level of our target range, suggesting a 1-4 week pullback.

Will the price continue higher from here, in which case long positions above 652 are low risk?

Or will we get a 1-4 Week pullback first?