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(H3) Key Resistance Remains Intact

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: $672.50 @ 14:32 GMT Jan 17
  • 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 bounced last Thursday and are trading above the recent low of $648.25 on Jan 10. Short-term gains are considered corrective while resistance at $685.00, the Dec 30 high, remains intact. Note that moving average studies are highlighting a bearish backdrop, signalling a dominant downtrend. A resumption of weakness would signal scope for a move $635.00, the Dec 7 low. Clearance of $648.25 would alter the picture.

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