December White Maize Technical Chart

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decgraph1111Below is a daily chart, for the DEC16WMAZ contract, showing a head-and-shoulders formation. In light of the limit-up close yesterday as well as the Rand which weakened by more than 60cents to the dollar, since our session close on the back of speculation that U.S. inflation may rise from a Trump presidency which could conclude U.S. interest rates to be hike sooner, it seems unlikely that the technical formation would be completed to the downside. Parity prices are approximately R80 higher. Next resistance is at R3640, R3700, R3780 and R3800 whilst support is seen at R3600, R3580 and R3540. Good rains are however expected for the next couple of day’s which should affect further contract months