Commodities Monthly (Jul ’16)
Corn failed to maintain higher levels, with prices falling swiftly from just above the USD438.75 year high of July 2015 to reach USD333. A break break lower cannot be ruled out, as monthly momentum weakens, but critical support at the USD318.25 year low of October 2014 should remain intact as the bullish Tension Indicator continues to strengthen.
If broken, not seen, selling pressure will increase as the 2012 bear trend gains traction, with next significant support then at USD300, (last traded in September 2009.)
Choppy tade is highlighted bedore higher levels attract, with a close above USD350 helping to improve sentiment as prices move back into the broad USD350/USD400 congestion area.
A clear break above USD400 is needed to further improve sentiment, whilst a close above the USD439.25 high of June would confirm continuation of the 2014 rally.
To access the full report, covering Gold, Crude Oil futures, High Grade Copper futures and Corn futures, please click here.