Friday, September 28, 2012

Corn futures (/ZC) leap higher from price channel support

Corn futures (/ZC) have rocketed up 5.6% today, up exactly $40 per contract and presumably triggering the exchange's circuit breaker, as there have been no trades or price change for approximately the last three hours.

The bullish movement began at approximately the area of support from a 21-month price channel. (The channel is colored grey below.) Further support was provided by the "round number" $700 level, which price action almost reached.

/ZC. Nov 2010 to present. Daily candles.