Magazine article Modern Trader

Tech Talk: Déjà Vu in Corn?

Magazine article Modern Trader

Tech Talk: Déjà Vu in Corn?

Article excerpt

Any discussion of this year's grain market automatically will be focused on corn, in addition to exciting fundamentals, it also offers a very clear technical picture. The weekly continuous chart in "Is history repeating itself?" shows a clear uptrend. Support will not be tested until the $7 per bu. level. To change the bullish chart view, we would need to see a high volume breakout below the March low. Bulls will need to be careful though. There was only one week that closed above the 2008 highs of $7.65. Tbe market would like to see that psychological point taken out by more than a 3F higher close.

A lot of interest also occurred because of the similarity with the 2008 corn market. During that time, a 48-week rally (A Lucas time series number, 47, plus/minus 1) was seen. Corn rallied 248%, from just over $3 to just under $8, in that time. As of early May, the rally has been going on for 44 weeks and has totaled 242% from low to high. …

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