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(H3) Challenging Resistance

  • 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: $688.75 - High Jan 18
  • PRICE: $685.00 @ 14:38 GMT Feb 2
  • SUP 1: $648.25 - Low Jan 10 and key short-term support
  • 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 have pierced resistance at 685.00, the Dec 30 high. A clear break of this hurdle would strengthen the case for bulls and signal scope for a climb towards the $700.00 handle and $711.75, the Oct 10 high and a key resistance. On the downside, key short-term support has been defined at $648.25, the Jan 10 low, where a break would instead reinstate the recent bearish theme.

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