The Progressive Farmer
Over the last week, corn futures, old and new crop, increased by only a couple of cents and figure "double bottom" remained practiced. Weekly stochastic further supports the upward movement, the nearest resistance level - 371.25 cents per bushel. The level of support - 350 cents per bushel.
Contracts for soybeans continued active upward movement reaching resistance level possible 915 cents per bushel, which is a large number of offers (sell orders) and from which a likely downward correction. Relative Strength Index reached a level of 68%, which also indicates overbought market and the need to conduct a technical sale.
The May contract in Chicago due to the recent trading days still managed to end the week in the green zone, but steady uptrend has not been established. The nearest support level - 449.5 cents per bushel, level of resistance - 470.75 cents per bushel. Histogram MACD is below zero, which does not inspire confidence in future growth.