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A Shift in the Corn Market’s Momentum Is Unfolding
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.