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(H1) Bullish Price Structure Dominates

CORN TECHS
  • RES 4: $474.63 - 1.382 proj of Oct 29 - Nov 30 from Dec 2 low
  • RES 3: $468.25 - 1.236 proj of Oct 29 - Nov 30 from Dec 2 low
  • RES 2: $460.00 - High Jul 15, 2019 (cont)
  • RES 1: $458.00 - 1.00 proj of Oct 29 - Nov 30 from Dec 2 low
  • PRICE: $455.75 @ 12:45 GMT Dec 29
  • SUP 1: $439.50 - High Nov 30 and firmer breakout level
  • SUP 2: $431.13 - 20-day EMA
  • SUP 3: $414.25 - Low Dec 2 and key trend support
  • SUP 4: $408.75 - Low Nov 9

Corn futures remain bullish and continue to extend the recovery above the $440.00 handle. The recent break of this hurdle reinforced the underlying bullish theme and importantly confirmed a resumption of the uptrend. This paves the way for strength towards the $460.00 handle. On the downside, key support has been defined at $414.25 where a break would highlight a top and potential reversal. Initial firm support is at 439.50, Nov 30 high.

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