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 fledgling uptrend and have this week hit a seven-week high. The bulls have gained upside technical momentum to suggest prices can continue to trend sideways to higher in the near term. A move above resistance at $4.50 in May corn futures would become a buying opportunity. The upside price objective would be $4.85, or above. Technical support, for which to place a protective sell stop just below, is located at $4.35. Remember that the “mini” grain futures contracts are a liquid and viable way to trade the grain markets.
