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CORN TECHS: (N3) Cracks Support

CORN TECHS
  • RES 4: $677.50 - High Dec 30
  • RES 3: $671.75 - High Jan 26, 31 and Feb 2
  • RES 2: $650.00 - Pivot level
  • RES 1: $618.69/647.50 - 20-day EMA / High Apr 18
  • PRICE: $579.25 @ 13:44 BST Apr 28
  • SUP 1: $574.25 - Low Jul 22 2022 and a major support
  • SUP 2: $568.75 - Low Jan 21 2022
  • SUP 3: $559.25 - Low Jan 6 2022
  • SUP 4: $548.00 - 1.236 proj of the Dec 30 - Mar 10 - Apr 128 swing

Corn futures have continued to trade lower this week and the contract is soft again today. Price has cleared key support at $597.00, the Mar 10 low. This confirms a resumption of the bear cycle that started Oct 10 last year and paves the way for weakness towards $574.25, the Jul 22 2022 low and a key support. Initial firm resistance is seen at $618.69, the 20-day EMA. Key resistance is at $647.50, the Apr 18 high.

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