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- 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: $560.00 - Round number resistance
- RES 1: $558.00 - High Feb 4
- PRICE: $554.50 @ 13:44 GMT Feb 8
- SUP 1: $525.94 - 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 are bullish and last week registered a fresh trend high print of $558.00. Continued trend gains reinforce underlying bullish conditions with attention on $561.63 next, a Fibonacci projection. Price also maintains a bullish sequence of higher highs and higher lows that defines an uptrend. 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 at $525.94.