Technically Speaking Blog
Darin Newsom DTN Senior Analyst
Sun Mar 1, 2015 08:22 AM CST

Corn (Futures): The May contract closed at $3.93 1/4, 23 1/4 cents higher on the monthly chart. The major (long-term) trend remains up with initial resistance at the December high of $4.17. A breakout of this level would lead to a test of resistance near $4.43 1/2, a price that marks the 23.6% retracement level of the previous major downtrend from $8.49 (August 2012) through the low of $3.18 1/4 (October 2014). The neutral to bearish carry in the markets forward curve could limit the long-term rally to the 38.2% retracement level of $5.21. The May 2014 high was $5.22 ...

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