Corn is at historic highs and is sustaining the bid above 800. Below is yesterday’s Weekly outlook from FuturesTechs. We also provide Support and Resistance levels for traders of all approaches and time frames.
Our Fibonacci work suggests targets of 843.6, 916.4 and 1034 if we can get through 800…”
799.2 capped upside in June 2008. 799.6 was the high/failure in June 2011. A year on we’ve just spent a couple of weeks sitting just below this massive horizontal resistance… until this morning.
So as we write the market is through 800, having printed 817.6 in overnight trade. The key thing is whether this will be sustained once the volume kicks in.
800 is obviously a key barrier and 795.6 was Friday’s high so is gap support. We would ask that these hold to say “yes” to the idea that the overnight move is sustainable.
As mentioned in Italics above (a segment from our report from a couple of weeks back) we have Fibonacci targets above at 843.6, 916.4 and 1043. Obviously 1000 will be a number that could start getting talked about, and we also have a channel on the weekly chart suggesting resistance at 875.2, with the support line sitting below at 783.4.