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(H3) Bear Threat Remains Present

CORN TECHS
  • RES 4: $768.50 - High May 16 and a key resistance
  • RES 3: $753.00 - High Jul 17 and a key resistance
  • RES 2: $711.75/721.38 - High Oct 10 / 76.4% May 16-Jul 22 bear leg
  • RES 1: $685.00 - High Dec 30
  • PRICE: $656.00 @ 14:41 GMT Jan 11
  • SUP 1: $648.25 - Low Jan 10
  • SUP 2: $635.00 - Low Dec 7 and the bear trigger
  • SUP 3: $623.38 - 61.8% of Jul 22 - Oct 10 bull cycle
  • SUP 4: $611.50 - Low Aug 18

Corn futures are trading at their recent lows and the short-term outlook appears bearish following the sell-off from $685.00, the Dec 30 high. Price is trading below both the 20- and 50-day EMA values and this reinforces a bearish condition. An extension lower would expose $635.00, the Dec 7 low, where a break would strengthen the case for bears. On the upside, initial key resistance has been defined at $685.00.

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