May corn futures a buying opportunity on more price strength.
See on the daily bar chart for May corn futures that prices are in a five-week-old uptrend and have just hit a nearly four-month high. The corn bulls have gained upside near-term technical momentum recently, to suggest the price uptrend can continue. A move above chart resistance at this week’s high of $4.61 would become a buying opportunity. The upside price objective would be $4.90, or above. Technical support, for which to place a protective sell stop just below, is located at $4.50. Remember that the “mini” grain futures contracts are a liquid and viable way to trade the grain markets.
