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(H2) Off Highs, But Uptrend Intact

CORN TECHS
  • RES 4: $640.50 - High May 7 and a major resistance
  • RES 3: $633.00 - High Jun 10
  • RES 2: $630.81 - 123.6% Extension of the Nov 30 - Dec 28 Upleg
  • RES 1: $617.75 - High Dec 28
  • PRICE: $595.25 @ 11:40 GMT Dec 31
  • SUP 1: $581.50/62.50 - Low Dec 14 / Low Nov 30
  • SUP 2: $557.50/516.25 - Low Nov 9 / Low Oct 13
  • SUP 3: $506.75 - Low Sep 10 and bear trigger
  • SUP 4: $494.00 - 76.4% retracement of the Mar 30 - May 7 rally

Corn futures trade off highs, but have remained solid throughout holiday trade and are now trading either side of the $600.00 level and a host of resistance points. The recent break higher confirms a resumption of the current uptrend and sets the scene for a climb towards $630.81, a Fibonacci extension level. A break of this level would open the highs from May. On the downside, key support has been defined at $562.50, the Nov 30 low. Initial support lies at $581.50, the Dec 14 low.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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