CORN

December corn rallied big going into the close.  I have attached two charts today so you can see what the market looks like from a technical picture.

 In chart 1, which is a daily chart, you can see that the market broke support at 364, but reversed and closed well above support by the close.  The strong close should now allow continuation to the daily resistance level at 392.  Only a bearish close back below 364 would negate this rally and point lower down to 347(rising daily).  I wouldn't be surprised to see corn trade between 392 and 364 over the duration of this week. 

Chart 2 is an intraday look at the market.  As you can see early the bears tried pushing the market below daily support, but the bulls kept buying.  Once the market pushed back above the swing moving average (green/red) it started to gain momentum.  Once above the black moving average the bulls really took charge.  So where does this leave the market now?  For today I would look for the market to pull back somewhere close to the moving average cross (373-375), and if it holds look for another push higher.  If the market takes out the swing high (383.4) then expect continuation to daily resistance.  A failure to hold intraday support at 373-375 again allows a dip back to 364. 

Brock Thompson Trading, 2525 Lakeview Dr. Amarillo, TX 79109, brock@brockthompsontrading.com (806)-350-2400

Make note that intra-day support and resistance prices change throughout the day, so if you have any questions during market hours please give me a call for an update.