Corn CME December contract Daily Forecast – 28 October 2014

Corn saw a very good bounce to hit our selling opportunity at 364/365. A good chance of a double top here today to confirm lower prices in to the the end of the week. Try shorts with wide stops above 369 as this is such a major level. However an unexpected break higher could then target 371 and 100 day moving average resistance at 373/374.

Failure to beat 364/365 should trigger a move lower towards 361 then 359/358. If we continue lower look for good support at 355/354. A good chance of a low for the day but be ready to go with a break lower to target 351 then good short term support at 349/348.

Written by: http://www.daytradeideas.com