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(H1) Needle Still Points North

CORN TECHS
  • RES 4: $572.00 - 50% retracement of the 2012 - 2020 downleg
  • RES 3: $561.63 - 3.382 proj of Oct 29 - Nov 30 from Dec 2 low
  • RES 2: $555.25 - 3.236 proj of Oct 29 - Nov 30 from Dec 2 low
  • RES 1: $550.50 - High Jan 28
  • PRICE: $542.75 @ 13:44 GMT Jan 29
  • SUP 1: $507.38 - 20-day EMA
  • SUP 2: $492.50 - Low Jan 25 and key support
  • SUP 3: $487.25 - Jan 7 low
  • SUP 4: $479.50 - Low Jan 4

Corn futures maintain this week's bullish tone. Yesterday the contract traded above former resistance at $541.50, Jan 13 high registering a high print of $550.50. The break confirms a resumption of the underlying uptrend with attention on $555.25 next, a Fibonacci projection. On the downside, key support has been defined at 492.50, Jan 25 low. A break would highlight a short-term bearish threat. Initial support is seen at $510.75.

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