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 since 1986 and held senior positions including Head of Global Trading, Head of Product Development, Head of Strategy and Director of Equity. (More)
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