Sep Corn – Daily: One could look at this and draw a triangle formation, or a down trending channel (as shown). Currently price action inside the cloud, with resistance overhead at the red Kijun line and 62% target of 5.85. 6.03 and 6.14 would be next key targets. A breakout above the channel would target the previous swing highs with retracement targets above up to 6.91 and 7.31.
Support is 5.61 and then the swing low at 5.20. Further risk at 5.01, 4.87, and then 4.67
Support is 5.61 and then the swing low at 5.20. Further risk at 5.01, 4.87, and then 4.67