July Corn Futures a Selling Opportunity on More Price Weakness
See on the daily bar chart for July corn futures that recent price action has penetrated on the downside and negated an uptrend line. Prices Thursday hit a six-week low and the bears have quickly gained downside technical momentum. A move in prices below solid chart support at $4.80 would become a selling opportunity. The downside price objective would be $4.40, or below. Technical resistance, for which to place a protective buy stop just above, is located at $5.00. Remember that the “mini” grain futures contracts are a liquid and viable way to trade the grains.
