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CORN: (Z0) Focus Is On Trendline Support

COMMODITY TECHS
  • RES 4: $425.56 - 76.4% of the Jun 2019 - Apr downtrend
  • RES 3: $422.25 - High Oct 27 and the bull trigger
  • RES 2: $415.25 - High Oct 28
  • RES 1: $417.25 - High Nov 5
  • PRICE: $406.50 @ 12:38 GMT Nov 9
  • SUP 1: $406.75 - Trendline support drawn off the Aug 12 low
  • SUP 2: $393.00 - Low Oct 29 and Nov 2
  • SUP 3: $386.25 - 50-day EMA
  • SUP 4: $383.19 - 38.2% retracement of the Aug 4 - Oct 27 rally

Corn futures remain in a corrective phase, despite last week's recovery. The recent move lower since Oct 27 has allowed an overbought condition to unwind. Note, the 20-day EMA has recently been breached reinforcing a potential S/T bearish risk. Attention is on trendline support at $397.00, 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.

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