The continuous monthly chart for the December corn contract only shows the 2021 issue posted a bearish spike reversal during May, confirming the major (long-term) trend has tuned down. This confirmed the bearish crossover by monthly stochastic at the end of January and April, with the downside target range between $5.1650 and $4.4125. The last three months have seen Dec 2021 test the high end of that range, with initial support heading into August at the previous 4-month low of $4.8075. It’s also interesting to note the previous major low was $4.73 from June 2019, possibly bringing into play the old adage of previous resistance turned support.
