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May 28, 2023A quick look at Friday: Corn rallied $14.25 (2.41%) deep into the session, reaching $605 per bushel.
Trend-following investors would be interested to note that investors are seeking long positions as Corn price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. CME Corn is currently trading around the $603.39 Fibonacci resistance level. Asset volatility analysis shows that the Corn future's upper Bollinger Band® is at $614.07, this is a slight indication of a slowdown. Analysis of Corn's recent price action suggests CME Corn could be slowing down soon as it approaches resistance at $611.75. Of course, crossing it might suggest further gains are ahead.
Overall, while CME Corn has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
A look at other Grains also shows upside as Rough Rice rallies 2.86% Friday and closed at $16.6. Oats is trading around $342.75 after ending Friday's session at $336 (up 2% today). Soybeans went up by 0.93% Friday, and closed at $1,336.25.
CME Corn hit a significant low of $554 around 7 days ago, but has since recovered 6.63%.
