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CORN TECHS: (Z2) Corrective Cycle

CORN TECHS
  • RES 4: $800.00 - Psychological round number
  • RES 3: $766.25 - High Apr 29 and the bull trigger
  • RES 2: $678.94/749.25 - 50-day EMA / High Jun 17
  • RES 1: $658.50 - High Jul 11
  • PRICE: $619.00 @ 13:44 BST Jul 12
  • SUP 1: $566.50 - Low Jul 6 and the bear trigger
  • SUP 2: $549.00 - Low Jan 12
  • SUP 3: $539.25 - Low Dec 15 2021
  • SUP 4: $508.00 - Low Oct 13 2021

The Corn futures trend direction remains down, although for now, the contract remains in a corrective phase as it unwinds a recent oversold condition. Firm resistance is seen at the 50-day EMA - the average intersects at $678.94. A resumption of weakness would signal the end of the current correction and refocus attention on $566.50, the Jun 7 low and bear trigger. Clearance of the 50-day EMA would be a bullish development.

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