December 21 Corn

December 21 Corn - Weekly: A very wide range of price action that has so far respected the downtrend line since the early May high. There is an abundance of volume by price in the 5.40-5.60 range. The weekly chart shows the red Kijun line (5.44) and blue Tenkan line pinching together. Weekly closes below 5.44 is a concern for the bulls. A Weekly close above 5.17 will be supportive (lowest weekly close posted wk of 7/6).
Support targets below in red. Targets above in blue.