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CORN TECHS: (N3) Trades Through Key Short-Term 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: $600.00/647.50 - High May 8 / High Apr 18
  • PRICE: $567.75 @ 13:44 BST May 17
  • SUP 1: $564.75 - Intraday low
  • SUP 2: $559.25 - Low Jan 6 2022
  • SUP 3: $548.00 - 1.236 proj of the Dec 30 - Mar 10 - Apr 128 swing
  • SUP 4: $536.25 - 1.382 proj of the Dec 30 - Mar 10 - Apr 128 swing

Corn futures remain in a downtrend and recent short-term gains have been a correction. Today’s move lower has resulted in a print below $569.25, the May 3 low and bear trigger. This confirms a resumption of the downtrend. Note that moving average studies are in a bear-mode position, highlighting a downtrend. The focus is on $559.25, the Jan 6 2022 low. On the upside, key short-term resistance has been defined at $600.00, the May 8 high.

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