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Potential Turning Point For Corn


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Last week's Weekly corn chart was left with a "dragonfly doji" on the chart. If you don't understand Japanese candlestick jargon, it's a week where the market ran out of sellers. This is noted by the week's open and closing prices being near the upper end of the past week's trading range with a long tail. This is a fairly reliable technical indicator that shows up at the end of downtrends. In this case it's appearing at the end of an eight week downtrend off the September high. The market found support exactly at a September swing low point of 3.36. This is a positive development for the corn market but upside potential is probably limited. Resistance begins in the low 3.50's with another layer near 3.60.



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Steve Fast is the owner and technical analyst of Commodity Concepts LLC based in Ohio. It is a futures chart based grain advisory service which utilizes professional trader techniques to assist in the decision making process. Clients normally utilizing this expertise are farmers, futures brokers, and grain buyers. He has been involved in the grain industry for over 36 years. Thirty-four of those years were in grain elevator management, merchandising and origination.  He began both the farmer advisory service and farming part-time in 2000. In 2015 he transitioned into full time grain farming as well as broadening the scope of the advisory service. More information can be obtained by logging onto www.commodityconceptsllc.com

 

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