Free Trial

CORN TECHS: (Z0) Approaching Trendline Support

COMMODITIES
  • RES 4: $430.50 - High Jul 24, 2019
  • RES 3: $425.56 - 76.4% retracement of the Jun 2019 - Apr downtrend
  • RES 2: $422.25 - High Oct 27 and the bull trigger
  • RES 1: $415.25 - High Oct 28
  • PRICE: $394.75 @ 12:10 GMT Nov 2
  • SUP 1: $393.00 - Low Oct 29
  • SUP 2: $390.81 - Trendline support drawn off the Aug 12 low
  • SUP 3: $383.19 - 38.2% retracement of the Aug 4 - Oct 27 rally
  • SUP 4: $382.31 - 50-day EMA

Corn futures remain in a corrective phase, having traded lower last week. The pullback is allowing a recent overbought condition to unwind. Also, the 20-day EMA has been breached reinforcing the current short-term bearish risk. Attention is on trendline support at $390.81, drawn off the Aug 12 low. A break would expose a deeper sell-off. Key resistance and the trigger for a resumption of gains remains $422.25, Oct 27 high.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.