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(H2) Bullish Focus

CORN TECHS
  • RES 4: $633.00 - High Jun 10
  • RES 3: $6116.50 - High Jul 1
  • RES 2: $599.75 - High Aug 12 and key resistance
  • RES 1: $593.25 - High Nov 2
  • PRICE: $576.50 @ 14:30 GMT Nov 12
  • SUP 1: $554.13/506.75 - 50-day EMA / Low Sep 10 and bear trigger
  • SUP 2: $494.00 - 76.4% retracement of the Mar 30 - May 7 rally
  • SUP 3: $488.75 - Low Apr 7
  • SUP 4: $457.50 - Low Mar 30

A short-term bull trend remains intact in Corn futures. The climb that started Oct 13 resulted in a break of $555.75, Sep 30 and Oct 4 high. This, together with a bullish moving average set-up, suggests scope for a stronger short-term recovery towards $599.75, Aug 12 high. On the downside, a move below the 50-day EMA at $554.13 would threaten the bullish theme and instead open $506.75 once again.

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