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Bullish Price Sequence Intact

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  • RES 4: $633.00 - High Jun 10
  • RES 3: $616.50 - High Jul 1
  • RES 2: $599.75 - High Aug 12 and key resistance
  • RES 1: $596.75 - High Nov 24
  • PRICE: $577.75 @ 13:44 GMT Dec 2
  • SUP 1: $557.50/516.25 - Low Nov 9 / Low Oct 13
  • SUP 2: $506.75 - Low Sep 10 and bear trigger
  • SUP 3: $494.00 - 76.4% retracement of the Mar 30 - May 7 rally
  • SUP 4: $488.75 - Low Apr 7

Corn futures have pulled away from the recent high of $596.75 on Nov 24. Trend conditions remain bullish - the contract has established a positive price sequence of higher highs and higher lows since the Sep 10 low. Moving average studies remain in a bull mode too, reinforcing current trend conditions. The focus is on $599.75 next, Aug 12 high. On the downside, a move below $557.50, Nov 9 low would threaten the bullish theme.