Corn Finds Resistance from Key Moving Averages
In today's video analysis, Trent Klarenbach of Klarenbach Research examined Corn Futures, across multiple timeframes noting critical price levels based on moving averages.
The analysis below uses the Nearby Month charts.
Monthly Chart:
The 200-month moving average (purple) at approximately $4.76 is acting as significant resistance. A sustained move above this level is needed for conviction of a rally. The 50-month moving average (green) is overhead and declining.
Weekly Chart:
The 50-week moving average is currently providing resistance in the range of $4.38-$4.39. A weekly close above $4.40 could signal a rally, potentially targeting $5.00 or even $5.40 in the long term. The 200-week moving average (purple) is declining overhead.
Daily Chart:
The daily chart is considered bearish, as Corn has been trading below the rising 200-day moving average (purple) since late May.
For corn prices to become optimistic about a rally, a close above $4.40 this week is crucial. Otherwise, resistance from key moving averages suggests a challenging path to the upside.
Trent Klarenbach, BSA AgEc, publishes the Klarenbach Grain Report and the Klarenbach Special Crops Report.
Klarenbach Research
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