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(H3) Bearish Threat Still 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: $678.56 - 50-day EMA
  • PRICE: $662.00 @ 13:44 GMT Nov 16
  • SUP 1: $653.25 - Low Aug 26
  • SUP 2: $638.50/611.50 - Low Aug 23 / Low Aug 18
  • SUP 3: $595.00 - Low Aug 3 /
  • SUP 4: $568.75 - Low Jul 22 and key support

Corn futures continue to trade below the Oct 10 high of $711.75. The contract has also traded lower this week. A key short-term support at $667.25, the Sep 28 low, has recently been breached. The clear break of this level undermines a recent bull theme and suggests scope for a deeper retracement. This has opened $638.50, the Aug 23 low. On the upside, key resistance and the bull trigger is unchanged at $711.75, the Oct 10 high.

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