(H4) Bearish Outlook

• RES 4: $582.75 - High Jul 24 and a key resistance
• RES 3: $565.50 - High Jul 27
• RES 2: $535.25 - High Aug 2
• RES 1: $521.50 - High Oct 20
• PRICE: $473.25 @ 13:44 GMT Nov 29
• SUP 1: $471.00 - Low Nov 28
• SUP 2: $450.00 - Round number support
• SUP 3: $439.50 - 1.00 proj of the Jun 21 - Jul 13 - Jul 24 price swing
• SUP 4: $405.69 - 1.236 proj of the Jun 21 - Jul 13 - Jul 24 price swing

A bearish outlook in Corn futures remains intact and this week’s move lower reinforces this theme. Key support and the bear trigger at $476.50, the Nov 13 low, has been breached. A clear break of this level would confirm a resumption of the downtrend and a continuation lower would open $439.50, a Fibonacci projection. Key resistance has been defined at $521.50, the Oct 20 high. Clearance of this level is required to signal a short-term reversal.