Corn tested support at 665/664 where we predicted a low for the day & a good buying opportunity with stops below 662. This trade worked perfectly as we shot higher to resistance at 673/674 which also precisely held the bounce. We are overbought in the short term now & could expect a drift lower today to 668/667 support. A break lower through here is very possible & should target 663/662. If we cannot bounce from here today look for a test of very good support at 660/659 with a low for the day expected if we fall this far.
Resistance at 673/74 could hold the topside but we need stops above yesterday high of 677.25 as a break higher could then target the 100 day moving average & Fibonacci resistance at 686/687 for a selling opportunity, with stops above 690.
Written by: http://www.daytradeideas.com