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(Z2) Heading South

  • RES 4: $843.75 - High Aug 2012 and a major resistance (cont)
  • RES 3: $800.00 - Psychological round number
  • RES 2: $766.25 - High Apr 29 and the bull trigger
  • RES 1: $702.44/749.25 - 50-day EMA / High Jun 17
  • PRICE: $645.50 @ 13:44 BST Jun 30
  • SUP 1: $643.75 - Intraday low
  • SUP 2: $631.00 - Low Mar 29
  • SUP 3: $600.00 - Round number support
  • SUP 4: $577.25 - Low Feb 25

Corn futures traded lower last Thursday and this resulted in a break of key support at $682.00, the Jun 6 low and a bear trigger. The break lower strengthens a bearish threat and signals scope for a deeper pullback. Note that moving average studies have crossed and currently highlight a bear mode condition. The focus is on $631.00 next, the Mar 29 low. On the upside, key short-term resistance is at $702.44, the 50-day EMA.

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