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SW MN and Gold Canyon AZ | Which will switch over using the may contract I see resistance at the 50% retracement level $6.88 and the 62.8% level $7.15. These would be good areas to either sell some old crop or set a floor with the top open. As usual the 50% retrace has better odds of being hit than the 62.8%.
The market always gives you a second chance to market if you missed the highs last aug. More often then not traders look at these levels to take profits on there longs. Fund traders are 90% technical 10% fundemental.
Today we hit 666 on the may and backed away again, this is strong resistance and we need a close over that soon. | |
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Looking at weekly corn chart...
