Corn Outlook

Corn held below our long term swing point of 430.00 for 5 weeks. This was 23.60% back to the all-time high and 78.6% back to the 6/17/19 high. They finally were able to get a couple close's above this level and that gave us a long term target of between 510.00 and 520.00, the first is 38.2% back to the ATH and second is a major Gann square. There is one other major Gann square before this at 484.25 to watch for resistance. For a short term swing point you can use the 447.75 major Gann square, but know that it will have to get back below the 430.00 long term swing point to do damage to the current trend. Provided they do get back below 430.00 the first target is 400.00 and the longer term target will be 361.00, this 61.8% back of the move up and a major Gann square. We have thought that this rally can last for a few years due to the size of the base they have built and that 510.00 will be the true test of the strength of this market. This is the area that can put the rally on hold for a while and getting back below 430.00 can do the same.

The charts below are a daily nearby contract and the second is an hourly chart that has secondary Gann squares on it for support and resistance. These levels will remain the same for the length of the contract.