Corn Technical Analysis: CBOT corn December contract is expected to see short covering on Friday, follow this resistance level...

GoldenOctober2024 · 2024-06-27T00:36:05+00:00

1. Fundamental Analysis: The CBOT December corn contract price further declined yesterday and a new bullish technical signal is needed to alleviate selling pressure. As the price broke through, the holding interest continued to decline, indicating that the bulls are closing their positions. Pay attention to the December futures contract at the 458 resistance level, and expect short covering on Friday. 2. Technical Analysis: The daily stochastic indicator is trending downward but has entered the oversold zone. The short-term trend of the market is negative as the closing price remains below the 9-day moving average. The next downside target is now at 433. The next resistance level is around 449 and 457, and today's first support level is at 433. (The above analysis is from the Markethead Agricultural Research Report).

GoldenOctober2024

2024-06-27 00:36:05

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Fundamental Analysis: The CBOT December corn contract price further declined yesterday and a new bullish technical signal is needed to alleviate selling pressure. As the price broke through, the holding interest continued to decline, indicating that the bulls are closing their positions. Pay attention to the December futures contract at the 458 resistance level, and expect short covering on Friday. 2. Technical Analysis: The daily stochastic indicator is trending downward but has entered the oversold zone. The short-term trend of the market is negative as the closing price remains below the 9-day moving average. The next downside target is now at 433. The next resistance level is around 449 and 457, and today's first support level is at 433. (The above analysis is from the Markethead Agricultural Research Report).

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