December corn futures a buying opportunity on fresh price strength.
See on the daily bar chart for the December corn futures that a downtrend line was recently negated and a fledgling uptrend line is in place. See, too, that the shorter-term moving averages I follow (9- and 18-day) are in a bullish posture as the 9-day is above the 18-day moving average. Fundamentally, a bullish late-summer weather market is still playing out in the U.S. Corn Belt. The corn bulls would gain fresh upside technical momentum by pushing prices back above stiff chart resistance at $4.90. That would also become a buying opportunity. The upside price objective would be $5.50 or above. Technical support, for which to place a protective sell stop just below, is located at $4.70. Remember that the “mini” grain futures contracts are a liquid and viable way to trade the grain markets.
