Continuous Corn – Weekly: (Busy Chart) Currently in a sideways grinder going into an acres battle and Weather Market. Do not hesitate to Make decisions. The Red downtrending pitchfork controls the trend. Nearby resistance against the upper red line is set up with the 6.93 retracement target but volume by price resistance at 6.75-6.80. If the red line is broken for a short time look at further retracements that coincide with the lower blue line on the uptrending pitchfork. (7.24, 7.68, and 7.94) Theoretically the blue uptrend fork is still in play as long as the dashed gray uptrend line is not broken. Should we break below 6.23 then we most likely will see a test of the median line before we see 7.00 again. Median red line support in the 4.50 area targets Dec futures this Fall… **Many If/Then scenarios at Play**
Volume by price acts as a magnet. Currently the 6.75 area is pulling it up and would be resistance. The next volume spike by price is the 5.50 area and then the 4.25 area. This will act as support/risk moving forward as contract months roll forward...
Volume by price acts as a magnet. Currently the 6.75 area is pulling it up and would be resistance. The next volume spike by price is the 5.50 area and then the 4.25 area. This will act as support/risk moving forward as contract months roll forward...