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Dec21 Corn

Dec21 Corn

December 21 Corn - Daily: The red down trending pitchfork is offering resistance against the 50% retracement at 5.59. I am not certain about the placement of the pivots for the gray uptrending fork, but the angles of ascent look appropriate based off the 3 previous moves up. A move above the 5.60 area will next target 5.71, 5.88, and 5.99. I believe these targets should be looked at to get caught up on sales or hedges (puts). I can still paint a picture that could move Dec corn to new highs that would have targets up to 6.75 (or higher), and I can make a case for risk at 4.88 to 4.55. Courage calls, puts, various option spread strategies can be looked at to manage risk on both sides.

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