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(H2) Trend Needle Points North

CORN TECHS
  • RES 4: $650.00 - Round number resistance
  • RES 3: $644.56 - 2.618 proj of the Sep 10 - Oct 4 - 13 price swing
  • RES 2: $640.50 - High May 7 2021 and a major resistance
  • RES 1: $631.00 - High Jan 25
  • PRICE: $629.00 @ 13:44 GMT Jan 28
  • SUP 1: $608.69 - 20-day EMA
  • SUP 2: $595.75/84.75 - 50-day EMA / Low Jan 3
  • SUP 3: $562.50 - Low Nov 3.0 and a key support
  • SUP 4: $557.50 - Low Nov 9

Corn futures traded higher again Tuesday but did find strong intraday resistance at the session high. The outlook remains bullish. The contract has breached the late December high of $617.75. Clearance of this resistance highlights a resumption of the underlying uptrend and maintains the bullish price sequence of higher highs and higher lows. The focus is on $640.50, the May 7 2021 high. Key support has been defined at $584.75 Jan 3 low.

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