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(Z2) Southbound

  • RES 4: $800.00 - Psychological round number
  • RES 3: $766.25 - High Apr 29 and the bull trigger
  • RES 2: $699.19/749.25 - 50-day EMA / High Jun 17
  • RES 1: $667.75 - High Jun 28
  • PRICE: $622.00 @ 13:44 BST Jul 1
  • SUP 1: $612.00 - Intraday low
  • SUP 2: $600.00 - Round number support
  • SUP 3: $577.25 - Low Feb 25
  • SUP 4: $565.00 - Low Feb 3

Corn futures remain bearish. The contract traded lower yesterday to once again confirm an extension of the current bearish cycle. The move down maintains the bearish price sequence of lower lows and lower highs and note too that moving average studies have shifted to a bear mode condition. The focus is on the $600.00 handle next. On the upside, key short-term resistance is at $699.19, the 50-day EMA.

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