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Bears Drive Corn, Wheat Lower -- Technical Analysis

10-31 13:59: Bears Drive Corn, Wheat Lower -- Technical Analysis By Kira Brecht DECEMBER CBOT CORN December corn eked out another modestly weaker close on Tuesday. Overall momentum is lackluster, but the short-term corn trend bias remains negative. On the upside, the 10-day moving average continues to act as nearby resistance with additional chart ceilings at $3.71 1/2, $3.72 1/2 and then the recent high and short-term top at $3.78 1/2, the Oct. 15 peak. The minor daily corn downtrend seen off the $3.78 1/2 high remains intact. Corn bears retain the short-term technical edge. December corn is slipping toward a potential test of major support at $3.60 1/4-$3.60 1/2, the Oct. 11 and Oct. 25 lows. Declines below that support zone would open the door for a fresh corn selling wave. On the upside, a rally and sustained recovery through the most recent swing high at $3.71 1/2 would be needed to suggest corn bulls are gaining a toehold. $4.29 1/2 -- the contract high …

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