Corn in Middle of Well-Defined Trading Range
December corn futures saw a rally during the first half of October that pushed prices well up from what is now strong technical support at the early-October low of $3.35 a bushel. However, prices have backed off just recently and are now right in the middle of a well-defined trading range between $3.35 and strong overhead technical resistance and near the September high, at the $3.90 area. My bias is that December corn will stay within this well-defined trading range until the contract expires. However, the weakening technical picture in the wheat futures market is likely to limit the upside price potential in corn, in the near term.
click on the chart to enlarge
Corn futures and the rest of the grain futures markets will also continue to keep one eye on the key "outside markets"--gold and crude oil. Any bigger tandem moves in gold and crude oil prices will likely find corn and the grains prices wanting to be pulled in the same direction. Stay tuned!--Jim
Need help on better entry into, and exit from, markets? I have an e-book called "The Art of Effective Stop Order Placement in Trading Markets." You can buy it for only $14.95 by clicking on the "SUBSCRIBE" section of my website at www.jimwyckoff.com . If you are like many traders who feel your market entry and protective stop placement methods need improvement, then my e-book will be a valuable resource to you. I also have an e-book entitled "62 Rules Used by Profitable Futures Traders," which sells for $19.95. These are the best trading investments for under $20.00 you'll ever make! All of my educational products are designed to be easily understood and are in "plain English."
Corn futures and the rest of the grain futures markets will also continue to keep one eye on the key "outside markets"--gold and crude oil. Any bigger tandem moves in gold and crude oil prices will likely find corn and the grains prices wanting to be pulled in the same direction. Stay tuned!--Jim
Need help on better entry into, and exit from, markets? I have an e-book called "The Art of Effective Stop Order Placement in Trading Markets." You can buy it for only $14.95 by clicking on the "SUBSCRIBE" section of my website at www.jimwyckoff.com . If you are like many traders who feel your market entry and protective stop placement methods need improvement, then my e-book will be a valuable resource to you. I also have an e-book entitled "62 Rules Used by Profitable Futures Traders," which sells for $19.95. These are the best trading investments for under $20.00 you'll ever make! All of my educational products are designed to be easily understood and are in "plain English."
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