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Free Access(H1) Consolidating
- RES 4: $460.00 - High Jul 15, 2019 (cont)
- RES 3: $441.50 - High Jul 17, 2019 (cont)
- RES 2: $439.50 - High Nov 30 and the bull trigger
- RES 1: $429.25 - High Dec 16
- PRICE: $426.00 @ 12:54 GMT Dec 17
- SUP 1: $414.50/19 - Low Dec 2 / 50-day EMA
- SUP 2: $408.75 - Low Nov 9
- SUP 3: $402.25 - Low Nov 4
- SUP 4: $396.00 - Low Oct 29 and the bear trigger
Corn futures are consolidating and continue to trade below the $439.50 high from Nov 30. The recent break lower from this level resulted in a breach of trendline support drawn off the Aug 12 low and this sets the scene for a deeper pullback. Clearance of $414.50, Dec 2 low would open 408.75, Nov 9 low. For bulls, a break above key resistance at $439.50 would reinstate a bullish focus. Initial resistance is at $429.25, Dec 16 high.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.