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Corn Update

This is a update to the post below on 10/26/20  


The Corn has had a very impressive rally after they took out the long term swing point of 360.00 and held it on a retest of it on 9/28/20. It already has hit the first of our two targets, the first was the major Gann square at 405.00 and the second is the long term target at 430.00. Like the Beans the long term target will be the first major test of just how strong this market is. Provided this level is taken out we will then be looking for much higher prices. We will have more on that when and if it happens. For now you can use 392.00 as the swing point, but it would have to take out 38.2% of the rally at 375.00 to turn the trend negative.

Where we are now,

The break from the 10/27/20 high held the 392.00 swing point perfectly and this rally has them right up against the long term target of 430.00. A break from this area can take them back to 38.2% of the move up at 380.00. Any setback from this area that can only go 23.6% back at 397.00 keeps the market very positive. With a couple solid closes above 430.00 our next long term target becomes 38.2% back to the all-time high at 510.00

Corn nearby