(H1) Off Recent Highs

• 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 and the bull trigger
• PRICE: $515.00 @ 13:44 GMT Jan 20
• SUP 1: $512.75 - Intraday low
• SUP 2: $500.00 - Psychological round number
• SUP 3: $487.25 - Jan 7 low
• SUP 4: $479.50 - Low Jan 4

Corn futures remain bullish. The uptrend accelerated last week and the contract gapped higher Jan 13. The fact that the trend is in overbought territory has not proved so far, to be a concern for bulls. Price is lower though and pulling away from the recent high of $541.50 on Jan 13. This could be the start of a correction. A deeper pullback would open $500.00. On the upside, clearance of $541.50 would resume the uptrend and expose $572.00.