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Three-Month Lows Ahead Of U.S. CPI

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(H2) Rebound Extends

  • 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: $609.50 @ 13:44 GMT Jan 20
  • SUP 1: $589.05/84.75 - 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 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 $589.05 and also represents a key support. A clear break of $589.05/84.75 is required to suggest scope for a deeper pullback. The bull trigger is at $617.75, Dec 28 high.

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