Home > charting trendlines, investing, Stock Market, technical analysis > Corn and Sugar facing resistance?

Corn and Sugar facing resistance?

Much has been made of the drought conditions that have shot the price of wheat, soybeans and corn upward.  Only a month ago, the CORN ETF broke to the upside of a falling wedge.  After a quick 20% rally, it now faces resistance at its 2011 high.

While corn has been front and center in the headlines, sugar has quietly rallied up to (4x-tested, 2 year old) trendline resistance in a pennant pattern that dates back four years.  Will it retreat as part of a cooling agricultural frenzy, or will it follow corn and friends with a breakout of its own.

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