Corn is on a 4 day downtrend Today is looking a bit better: without a clear-cut direction, Corn is trading around $679.5 per bushel and ranging between $676.25 and $679.75.
A "gravestone doji” chart pattern — a bearish pattern that suggests a reversal followed by a downtrend in the price action. Corn made an initial break below its 50 day Simple Moving Average at $680.13, a possible indication of a forthcoming negative trend. The Corn future's upper Bollinger Band® is at $698.91, suggesting that a downward move may follow. CME Corn pushed below the $679.25 support level and extended 25 cents beyond it.
Despite the market lacking direction, technical chart analysis strongly suggests the Corn future is positioned for a downward move in the near term.
Moreover, United States EIA Short-Term Energy Outlook scheduled to come out tomorrow at 17:00 UTC.
Trading mostly sideways for 3 months. CME Corn now trading 11.69% above its 3-month low of $551.5.