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JGB TECHS

(M2) Correction Extends

US STOCKS

Late Session Rebound

AUSSIE 10-YEAR TECHS

(M2) Corrective Cycle Remains In Play

AUSSIE 3-YEAR TECHS

(M2) Gains Still Considered Corrective

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(H2) Eyeing Key Resistance

CORN TECHS
  • 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: $611.75 @ 14:36 GMT Jan 21
  • SUP 1: $589.94/84.75 - 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 the late December high but more importantly for bulls, have held above support at $584.75, the Jan 3 low and recovered from recent lows. The trend is up and recent weakness appears to have been a correction. The 50-day EMA intersects at $589.94 and also represents a key support. A clear break of the $589.94/84.75 zone is required to suggest scope for a deeper pullback. The bull trigger is at $617.75, Dec 28 high.

MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com

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