July Corn Chart

On the July chart prices surged to a new high for this move up to $7.06 which would clearly put $7.35 as the next overhead objective but we closed lower at $6.79, 27 cents off the daily high. Today’s close as very disappointing and this leaves our chart signals mixed. An overall uptrend is still in place with new highs but a disappointing close. Technical indicators are still pointed upward but following today’s disappointing close if we were to close lower tomorrow it could hook the technicals lower but for the moment, even though we had a disappointing close the chart and technicals are still pointed upward for July corn. Keep in mind, new crop December corn closed with double digit gains.