Corn Futures Prices Spiked Today

We have been long March Corn from 445 with our stop-loss set at 437.25.  Today, prices spiked up to 470.50 before closing at 464.00.

Looking at the Weekly Corn chart below, our target is the 50% Retracement level of 562.75.  We could move our stop-up to the support level of 446.50 to lock in some profits, but since that is just barely above where we entered the market (at 445) that we are going to wait until prices move up some more.

Weekly Corn chart

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