Near Term Trend: Bearish / Neutral
Fridays Close: 359 (+ 1 2/8)
UPDATE: Last week, I suggested buying corn on a drop to 377 6/8 with a target of 395 and stops below 377.
Corn sliced right through 377 triggering stops. Apparently, corn is only respecting the monthly chart patterns which would have given us the proper guidance to remain bearish during the recent rally.
Sell rallies to 367 4/8 with a downside target of 350 and with stops honored on a close above 368.