FARM BUSINESS NEWS
Technically Speaking Blog
Darin Newsom DTN Senior Analyst
Fri Apr 4, 2014 03:24 PM CDT

A quick look at the weekly chart for the new-crop December corn contract and one can easily that the market seems to be growing more bullish. This past week saw Dec corn take the previous week's low of $4.78 1/2 (Monday, before the release of USDA's Prospective Plantings report) before spending the latter part of the week establishing a new recent high.

This activity created a bullish outside week, indicating that the recent consolidation phase near resistance at $5.03 1/2, a price that marks the 38.2% retracement level of the previous downtrend from $6.14 through the low of $4.35, has ...

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