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(H1) Bullish Theme Intact

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: $532.50 @ 13:44 GMT Jan 15
  • SUP 1: $517.25 - High Jan 12 and gap low on the daily chart
  • SUP 2: $487.25 - Jan 7 low
  • SUP 3: $479.50 - Low Jan 4
  • SUP 4: $453.50 - Low Dec 29

The Corn futures rally accelerated this week and the contract gapped higher Wednesday. The fact that the trend is in overbought territory is still not proving to be a concern for bulls. 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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