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(H3) Trend Needle Points South

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: $668.56 - 50-day EMA
  • PRICE: $646.50 @ 14:56 GMT Dec 9
  • SUP 1: $623.38 - 61.8% of Jul 22 - Oct 10 bull cycle
  • SUP 2: $611.50 - Low Aug 18
  • SUP 3: $595.00 - Low Aug 3 /
  • SUP 4: $568.75 - Low Jul 22 and key support

Corn futures are consolidating closer to recent lows. On Dec 2, the contract cleared support at $653.50, the Nov 15 low and a bear trigger. The break signals scope for a deeper pullback and opens $623.38, a Fibonacci retracement. On the upside, key resistance is at $711.75, the Oct 10 high. A break of this hurdle would represent a key bullish development. Initial firm resistance is $668.56, the 50-day EMA.

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