December Corn Retreats To Triple Line Of Support
Steven Fast of Commodity Concepts LLC - InsideFutures.com - Mon Apr 16, 9:43PM CDT

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December futures continued their decline off of last week's Doji Star high point of 4.165. This market is now transitioning into a short term neutral to negative mode with momentum on the decline. Monday's trading activity pushed values to a triple line of support of 4.07. If fresh bullish news doesn't materialize soon the market may seek out further downside objectives. There's a dual line of support under the market at the 40 DMA which is also a 50% retracement objective at 4.04. Additional support is noted at the April low of 3.96 and the March low of 3.91. These lower levels should hold for the time being while planting progress remains very slow. If selling pressure dries up the market will encounter initial upside resistance at 4.13 followed by last week's high of 4.165. Secondary resistance is the the July high of 4.29 and then 4.39.

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