March 17, 2009
CBOT corn bulls upside momentum
May corn futures at the Chicago Board of Trade on Monday (March 16) morning hit a fresh six-week high, were trading near the session high and were scoring a bullish "outside day" up on the daily bar chart--whereby the high is higher and the low is lower than the previous session's trading range, with a higher last trade.
May corn futures are also in a fledgling two-week-old uptrend on the daily bar chart and have recently pushed above and penetrated a downtrend line on the daily chart, drawn from the January and February highs.
The corn market bulls have gained fresh upside near-term technical momentum recently. Their next upside price objective is to produce a close above solid longer-term support at the US$4.25 level, basis May futures. Below that level lies major psychological resistance at US$4.00 and then more chart resistance at US$4.10 and then at US$4.18.
The corn market bears would regain some fresh downside near-term technical momentum by producing a close below solid support at the US$3.70 level, basis May futures.
