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(H1) Finds Support At $414.50

CORN TECHS
  • 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
  • RES 1: $429.00 - High Dec 1
  • PRICE: $426.50 @ 13:17 GMT Dec 3
  • SUP 1: $414.50 - Low Dec 2
  • SUP 2: $409.56/408.75 - 50-day EMA / Low Nov 9
  • SUP 3: $402.25 - Low Nov 4
  • SUP 4: $396.00 - Low Oct 29 and the bear trigger

Corn futures have traded lower this week as the contract extends its corrective phase. Support however has for now been established at $414.50, yesterday's low. Price has this week cleared trendline support drawn off the Aug 12 low and this sets the scene for a deeper pullback. The focus is on $409.56, the 50-day EMA. On the upside key resistance has been defined at $439.50, Monday's high. A break would reinstate a bullish focus.

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