Following 7 days of flat trade, Pointing in a similar direction, Friday's session was more of the same — without a clear direction, the Corn future closed at $683.5 per bushel while ranging between $677.75 and $688.
Technical chart analysis shows Corn reversed direction at $678.17 support zone and climbed $5.33 above it. Concerning technical analysis and more specifically, trend indicators, CME Corn made an initial breakout above its 200 day Simple Moving Average at $685.24, a potential indicator of a newly emerging bullish phase. Price action remains constrained around the key Fibonacci level of $683 currently serving as support. If price action breaks below, the next Fib hurdle is $655.11. According to asset volatility analysis, CME Corn's upper Bollinger Band® is at $698.65, suggesting that a downward move may follow.
With market volatility ebbing, the current technical outlook indicates the Corn future will remain range-bound for the immediate future.
While CME Corn was pretty flat Friday, mixed performances were seen elsewhere as Rough Rice draws back 0.27% Friday and closed at $16.45.
Trading mostly sideways for 2 months. The past 3 months have been positive for CME Corn as it added 21.49% compared to its 3-month low of $538.