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(H1) Off Recent Lows

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 and the bull trigger
  • RES 1: $429.00 - High Dec 1
  • PRICE: $428.75 @ 13:07 GMT Dec 16
  • SUP 1: $414.50 - Low Dec 2
  • SUP 2: $413.63/408.75 - 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 are firmer but 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 $413.63, the 50-day EMA and 408.75, Nov 9 low. For bulls, a break above key resistance at $439.50 would reinstate a bullish focus. Initial resistance is at $429.00.

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