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(H1) Sharp Acceleration Higher

CORN TECHS
  • 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 - Intraday high
  • PRICE: $535.50 @ 13:44 GMT Jan 13
  • SUP 1: $522.25 - Intraday low
  • SUP 2: $487.25 - Jan 7 low
  • SUP 3: $471.44 - 20-day EMA
  • SUP 4: $453.50 - Low Dec 29

Corn futures gains accelerated yesterday and the contract has also gapped higher today as the bull trend extends. The fact that the trend is in overbought territory is not proving to be a concern for bulls just yet. As price continues to move higher though, the risk of a reversal, to unwind the overbought reading, increases. The focus is on a climb towards 572.00, a key retracement level. Firm support has been defined at $487.25, Jan 7 low.

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