July Corn Chart

Corn prices were very disappointing from a chart perspective.

After trying to turn higher late last week the market reversed and traded and closed sharply lower making a new low for the move at 7.47 on the July chart.

That’s a very disappointing close and it may signal 7.44 as the next level of chart support.

Technical indicators after chopping back and forth for two weeks did turn lower again on todays sharp break to the downside.

July Corn Chart

Corn prices have found some bottoming action over the last 2.5 days.

Today was a big up day in the corn market and today’s high at 7.80 is 25 cents off the low that was posted on Wednesday morning.

The upturn and the short-term trend chart also allowing the technical to turn up as well.

Corn today came right up to where all the major moving averages converge and if we break through that then overhead resistance comes in at the 7.90 level.

July Corn Chart

Corn prices made a new low for today keeping the overall trend downward.

Today’s low at 7.55, but we did turn around and close at 7.72 which was very close to the daily high and 17 cents off the daily low.

This market could easily move into overhead resistance with a little friendly news.

July Corn Chart

Corn prices bounced today, showing a little bit of bottoming action on the chart and finding support for third day in a row at the 40-day moving average.

This was enough to turn our technical indicators this morning as well.

If we get, follow through the chart and technical would look much better.

July Corn Chart

Corn prices are trending lower off of the highs that were posted on Monday and for the second day in a row corn price are finding support at the 40-day moving average.

Todays close at 7.78 is about a dime above last week’s lows, if we don’t get supportive news early next week that 7.59 would be the next target from a downside objective.

If we get friendly news this week’s high at 8.10 would be the next objective.

July Corn Chart

Corn prices trading lower today, breaking below trend line support shown by the blue arrowed line and finding support at the black line which is the 40-day moving average.

We mentioned yesterday if we did not find support at our trend line that the next target would be around the previous lows from a week ago at 7.69 and todays low came within 4 cents of that low.

Additional chart support is at 7.69, that’s 14 cents below todays close with current overhead resistance at 8.10.

July Corn Chart

Corn prices today fell sharply and tested chart support where our uptrend line comes into play and also our 40-day moving average.

If that doesn’t hold the next level of chart support will be last week’s lows at 7.69 per bushel.

We think that the long-term trend will remain up but in the short-term additional back and forth choppy trade is certainly possible.