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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play


(M2) Gains Still Considered Corrective

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(H2) Challenging Support

  • RES 4: $640.50 - High May 7 and a major resistance
  • RES 3: $633.00 - High Jun 10
  • RES 2: $625.00 - High Jun 11
  • RES 1: $617.75 - High Dec 28 and the bull trigger
  • PRICE: $588.75 @ 13:27 GMT Jan 18
  • SUP 1: $587.75/84.75 - 50-day EMA / Low Jan 3
  • SUP 2: $562.50 - Low Nov 3.0 and a key support
  • SUP 3: $557.50 - Low Nov 9
  • SUP 4: $542.00 - Low Oct 26

Corn futures remain below recent highs and more importantly for bulls, just above support at $584.75, the Jan 3 low. The trend is up and recent weakness is considered corrective. The 50-day EMA intersects at $587.75 and also represents a support - it has been probed but remains intact. A clear break of $587.75/84.75 is required to suggest scope for a deeper pullback. For bulls, a resumption of gains would expose key resistance at $617.75.

MNI London Bureau | +44 203-586-3805 |
MNI London Bureau | +44 203-586-3805 |

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