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(H1) Trendline Support Cleared

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: $422.94 - Former trendline support drawn off the Aug 12 low
  • PRICE: $415.25 @ 13:18 GMT Dec 2
  • SUP 1: $413.50 - Low Nov 13
  • SUP 2: $408.94/75 - 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 continue to trade lower this week as the contract extends its corrective phase. Price has cleared trendline support drawn off the Aug 12 low and this sets the scene for a deeper pullback as a recent overbought condition unwinds. The focus is on $408.94, 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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