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CORN TECHS

(N1) Fresh Cycle High

STIR

Effective Fed Funds Rate

BONDS

Selling interest across the board

(H1) Bearish Theme Remains Intact

BTP TECHS
  • RES 4: 152.45 High Jan 11
  • RES 3: 152.14 High Jan 20
  • RES 2: 151.20 20-day EMA
  • RES 1: 150.90 50-day EMA
  • PRICE: 150.63 @ Close Jan 25
  • SUP 1: 149.57 Low Jan 22
  • SUP 2: 149.09 Low Nov 11 (cont)
  • SUP 3: 148.82 50.0% retracement of the Sep - Jan rally (cont)
  • SUP 4: 148.68 Low Oct 29, 2020 (cont)

BTP futures remain bearish. The contract confirmed a top in the trend on Jan 8 at 152.67. The subsequent move lower saw the price trade through both the 20- and 50-day EMAs, signalling scope for a test of support at 150.31, Dec 1 low. The Jan 21 sell-off resulted in a breach of 150.47, Jan 12 low and 150.31. This resumes the current downleg and opens 149.09, Nov 11 low (cont). Initial resistance is 150.90. Yesterday's gains are likely corrective.