CBOT March corn in choppy trading range

March corn futures are currently trapped in the middle of a 2.5-month-old trading range at higher levels on the daily bar chart. The trading range is bound by strong overhead technical resistance at the November high of US$4.25 a bushel and by strong technical support at November low of US$3.72 1/2.

The direction in which March corn "breaks out" of the aforementioned trading range on the daily bar chart will likely be the direction of the next significant price trend in the Chicago Board of Trade corn market.

The corn market bulls have recently gained some fresh upside technical momentum by rallying March futures prices from the December low of US$3.79 and pushing and closing prices above what was major psychological resistance at the US$4.00 level. March corn on Monday hit a fresh two-week high of US$4.10.

Near-term chart resistance for March corn futures is located at Tuesday's overnight high of US$4.08 1/2, at US$4.10, at US$4.12 1/2 and then at US$4.15. Near-term chart support is located at US$4.05, at US$4.00, at US$3.96 and then at US$3.90.