Yesterday, Corn reached our Corn target outlined in our May 17 analysis.
The price action leading up to the June 5 identified an upcoming bounce in the price to 621 from 597 along with our strategy to take advantage of the move.
That price target was reached on June 12.
Our 2nd target was met with skeptism due to the US corn crop conditions.
However, the chart told us to be prepared for lower prices.
Our downside targets from the May 17 analysis remain as follows:
Our next level of interest is the 483-500 range of the 0.618-0.65 Fibonacci Retracement levels.
These level line up with levels of previous support.
We anticipate a reaction a the 483-500 price level.
Below that, we have not ruled out a move to 435.
The chart below displays the price action using the current September contract price.
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