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(H1) Bullish Theme

CORN TECHS
  • RES 4: $572.00 - 50.0% retracement of the 2012 - 2020 downtrend
  • RES 3: $555.25 - 3.236 proj of Oct 29 - Nov 30 from Dec 2 low
  • RES 2: $545.00 - 3.00 proj of Oct 29 - Nov 30 from Dec 2 low
  • RES 1: $541.50 - High Jan 13
  • PRICE: $526.00 @ 13:28 GMT Jan 14
  • SUP 1: $517.25 - High Jan 12 and gap low on the daily chart
  • SUP 2: $487.25 - Jan 7 low
  • SUP 3: $476.50 - 20-day EMA
  • SUP 4: $453.50 - Low Dec 29

Corn futures gains accelerated Wednesday and the contract gapped higher yesterday as the bull trend extends. The fact that the trend is in overbought territory is not proving to be a concern for bulls just yet. As price continues to move higher though, the risk of a reversal to unwind the overbought reading increases. The focus is on a climb towards 572.00, a key retracement level. Firm support has been defined at $487.25, Jan 7 low.

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