The JUL'09 CORN contract is at the make or break point.
Key off the 421-6 Inflection Pivot for a barometer of current sentiment. A held trade above here will keep the current sentiment positive pressing resistance at 438-4 and 442-4. These are the resistance hurdles to any sustained climb and have the potential to be short term digestive peaks if the stop and go trade of late is going to continue.
A Daily close above 438-4 or violation of 442-4 however is expected to spark an acceleration targeting 455-0 initially on a move that has the potential to extend up to 471-4 and 485-6.
Trading below the 421-6 Inflection Pivot will put the contract into a neutral digestive position with 406-2 and 390-0 the low points for any new consolidation. As long as the MKT stabilizes above 390-0 is consolidation to go higher. Below 390-0 and CORN is vulnerable to a negative shift.
JS
