Corn Starting to Grow
- Posted by Greg Harmon
- on February 19th, 2014
Corn ($ZC_F, $CORN) was all the rage in the commodity trading space just a year ago. Reaching prices near $8.50 per bushel in mid 2012, a year later it fell precipitously from $7.30 to $4.50, the current level where it has been loitering for 7 months. But on a closer look it is building a rounded bottom and making 4 month highs. It may be time to buy some corn. The next resistance level higher is about $5.00 to $5.10 per bushel, also where the falling 200 day Simple Moving Average (SMA) sits. That is 13% higher, sure beats knee high by the Fourth of July.
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Gregory W. Harmon CMT, CFA, has traded in the Securities markets since 1986. He has held senior positions including Head of Global Trading, Head of Product Development, Head of Strategy and Director of Equity. (More)
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