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A Shift in the Corn Market’s Momentum Is Unfolding

The bulls are gathering the ingredients for a rally.

The corn bulls have finally gotten the catalyst they have been waiting on.

The Crop Progress report on Monday afternoon showed corn planting was only 7% higher than the prior week. Some quick math suggests that the benchmark day of May 10 will be the fourth-slowest planting pace on record.

So, what do the corn charts say about a rally? Find out in this week’s Successful Marketing Newsletter.

A quick review of the December corn chart shows that Monday and Tuesday were very important days. Monday posted a key reversal.

This is when prices make a new low and then close the day higher than the prior day’s high. This is a signal that a change in momentum is occurring.

Tuesday posted a gap higher. This is significant because gaps do not occur very often. This too indicates that a strong shift in momentum is unfolding. 

It is not typical, but we could see May post a major low and a standout high on the charts.

See where major upside resistance will be found in this week’s Successful Marketing Newsletter.

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