Corn futures continue to bounce along key level support at the price of $5.87 per bushel. This has become a pivot point for the futures, and is identified by the Autochartist Key Level indicator showing the multiple consecutive tests preceding Friday's closing price at this level.
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The series of bounces from this key level support show a fairly steady distribution of momentum buying and profit-taking retracements. As the breakout rallies gradually tested higher prices all the way up to the $6.10 level, selling pressure ensued to diminish the gains over the most recent bounces.

This indicates a possible loss of confidence in the market's ability to sustain a move above this key level and firmly above the $6.00 handle in the near term. A weaker open in Monday's session would signal a breach of the $5.87 per bushel support. This could be followed by a quick drop lower as stop-loss orders are triggered and new sellers push the price away on the confirmation of the key level failure. If this occurs, a decline to longer term support near the $5.50 per bushel level remains possible.
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