March corn futures another buying opportunity on more price strength.
Corn bulls have made a good recovery from the November low, hitting a fresh five-week high on Tuesday, to suggest that prices can trend sideways to higher in the near term. A move above chart resistance at Tuesday’s high of $7.65 would provide the bulls with better upside near-term technical momentum and it would also become a fresh buying opportunity. The upside price objective would be $8.20, or above. Technical support, for which to place a protective sell stop just below, is located at $7.40. Remember that the “mini” grain futures contracts are a liquid and viable way to trade the grain markets.
