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(H2) Remains Above 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: $600.00 @ 13:42 GMT Jan 12
  • SUP 1: $586.88/584.75 - 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 are unchanged and still consolidating. The trend remains up and support to watch lies at the 50-day EMA at $586.88, just above the Jan 3 low of $584.75. A clear break of this support is required to suggest scope for a deeper pullback. This would open a second key support at $562.50, the Nov 30 low. For bulls, an extension higher would expose key resistance at $617.75, the Dec 28 high, where a break would resume the uptrend.

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