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(H1) Continues To Defy Gravity

CORN TECHS


  • RES 4: $507.88 - 38.2% retracement of the 2012 - 2020 downtrend
  • RES 3: $500.00 - Psychological round number
  • RES 2: $491.25 - 1.764 proj of Oct 29 - Nov 30 from Dec 2 low
  • RES 1: $484.88 - 1.618 proj of Oct 29 - Nov 30 from Dec 2 low
  • PRICE: $481.00 @ 06:49 GMT Dec 31
  • SUP 1: $453.50 - Low Dec 29
  • SUP 2: $439.50 - High Nov 30 and firmer breakout level
  • SUP 3: $437.63 - 20-day EMA
  • SUP 4: $414.25 - Low Dec 2 and key trend support

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 week's strong rally has seen price trade above the $460.00 handle. The focus is on $484.88 and $491.25 next, both Fibonacci retracements. On the downside, firm support is at 439.50, Nov 30 high. Initial support is $453.50.

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