ONE44 Analytics has released a special update on corn futures, focusing on key support and resistance levels. The firm uses two primary methods to identify these levels: major Gann squares and Fibonacci retracements. According to ONE44, the corn market has been trading around the 502.00 (38.2%) swing point for the week. A close above this level could signal a chance for a new high, while a failure to regain this level would be a negative sign.
Currently, the short-term trend for corn futures has turned negative, with the market trading below the 502.00 level. The firm notes that a failure to get back above the long-term 38.2% level at 532.00 would further confirm the negative trend. The short-term target area is now the 478.50 major Gann square and the 61.8% retracement back to the contract low at 473.00.
If the market moves above 473.00, the longer-term target on a rally would be 519.00, based on the ONE44 61.8% rule. However, if the market moves below 473.00, the short-term target area would be the 78.6% retracement back to the contract low at 453.00 and the 443.50 major Gann square. ONE44 emphasizes the importance of using Fibonacci retracements and Gann squares for pure price analysis.
For those interested in this type of analysis, ONE44 offers premium memberships and a free newsletter. The firm also provides educational videos on how to use Fibonacci retracements with the ONE44 rules and guidelines. It is important to note that futures trading contains substantial risk and is not suitable for every investor.