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(H3) Bulls Remains In The Driver’s Seat

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: $683.50 - High Dec 28
  • PRICE: $679.25 @ 12:24 GMT Dec 30
  • SUP 1: $662.69/635.00 - 20-day EMA / Low Dec 7
  • SUP 2: $623.38 - 61.8% of Jul 22 - Oct 10 bull cycle
  • SUP 3: $611.50 - Low Aug 18
  • SUP 4: $595.00 - Low Aug 3

Corn futures traded higher once again on Wednesday. The move higher confirms an extension of the latest bull phase that started Dec 7. The contract has traded above both the 20- and 50-day EMAs. Resistance at $677.00, the Nov 15 high, has also been breached and this signals scope for an extension towards the $700.00 handle. On the downside, key support and bear trigger has been defined at $635.00, the Dec 7 low.

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