Corn Crosses 400!
December Corn (CZ7) crossed the 400 level for the first time since late June, giving a positive sign for Corn bulls. The next level of resistance doesn’t come until 425, which was established in mid-June – anything above 435 would be an all-time high.
Looking at the indicators, we see that the fast stochastic is above the 90 level. Can the trend continue without a reversal? We have been going higher since early October. This trend is also above both of the moving averages, indicating that things are moving fairly fast.
Tomorrow, all eyes will be on the Fed announcement due at 1:15 PM Central time.
Mike Tosaw, Director of Education
