December corn futures a buying opportunity on more price strength.
December corn futures Thursday pushed to a fresh three-week high, which also negated a two-month-old downtrend on the daily bar chart. The bulls have very quickly gained fresh upside near-term technical momentum. A move in prices above Thursday’s high of $7.76 would provide the bulls with better strength and it would also become a fresh buying opportunity. The upside price objective would be $8.50 or above. Technical support, for which to place a protective sell stop just below, is located at $7.32 1/4. Remember that the “mini” grain futures contracts are a liquid and viable way to trade the grain markets.
