Free Trial

(H2) Corrective Pullback

CORN TECHS
  • RES 4: $663.25 - 3.00 proj of the Sep 10 - Oct 4 - 13 price swing
  • RES 3: $650.00 - Round number resistance
  • RES 2: $644.56 - 2.618 proj of the Sep 10 - Oct 4 - 13 price swing
  • RES 1: $642.50 - High Jan 31
  • PRICE: $614.75 @ 14:35 GMT Feb 3
  • SUP 1: $610.25 - Intraday low
  • SUP 2: $600.75/584.75 - 50-day EMA / Low Jan 3
  • SUP 3: $562.50 - Low Nov 3.0 and a key support
  • SUP 4: $557.50 - Low Nov 9

Corn futures remain in an uptrend and short-term dips are considered corrective. The contract traded higher Monday reinforcing current conditions. Price has recently cleared the late December high of $617.75. The break has highlighted a resumption of the underlying uptrend and maintains the bullish price sequence of higher highs and higher lows. The focus is on $644.56, a Fibonacci projection. Key support has been defined at $584.75 Jan 3 low.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.