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(H1) Bullish And Eyeing Key Resistance

CORN TECHS
  • RES 4: $464.25 - High Jun 17, 2019 (cont) and a key resistance
  • RES 3: $460.00 - High Jul 15, 2019 (cont)
  • RES 2: $441.50 - High Jul 17, 2019 (cont)
  • RES 1: $435.75 - High Nov 12, Nov 23 and the bull trigger
  • PRICE: $430.50 @ 12:42 GMT Nov 25
  • SUP 1: $418.25/13.50 - Trendline drawn off Aug 12 low / Low Nov 13
  • SUP 2: $408.75 - Low Nov 9
  • SUP 3: $404.75 - 50-day EMA
  • SUP 4: $396.00 - Low Oct 29 and the bear trigger

Corn futures rallied Nov 10 clearing the former key resistance at $422.25, Oct 27 and Nov 5 high and a bull trigger. The break confirmed a resumption of the uptrend that started early August and maintains the bullish price structure of higher highs and higher lows. Price action, while off recent highs, remains above a trendline support at $418.25, drawn off the Aug 12 low. The trendline represents a key chart point. The focus is on recent highs of $435.75.

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