Free Trial

CORN TECHS: (Z1) Clears Resistance

CORN TECHS
  • RES 4: $628.25 - High Jun 10
  • RES 3: $611.25 - High Jul 1
  • RES 2: $594.25 - High Aug 12 and key resistance
  • RES 1: $563.25 - High Oct 27
  • PRICE: $555.50 13:44 BST Oct 28
  • SUP 1: $535.63/497.50 - 50-day EMA / Low Sep 10 and bear trigger
  • SUP 2: $494.00 - 76.4% retracement of the Mar 30 - May 7 rally
  • SUP 3: $481.50 - Low Apr 7
  • SUP 4: $449.50 - Low Mar 30

Corn futures rallied higher yesterday and in the process cleared resistance at $548.50, Sep 30 high. This has removed a recent bearish focus and instead, the break higher suggests scope for a stronger short-term bounce towards resistance at $594.25, Aug 12 high. On the downside, a move back below the 50-day EMA at $535.63 would threaten the developing bullish theme and refocus attention on $497.50, the Sep 10 low.

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.