Free Trial

(H4) Bearish Trend structure

CORN TECHS
  • RES 4: $565.50 - High Jul 27
  • RES 3: $535.25 - High Aug 2
  • RES 2: $521.50 - High Oct 20 and the reversal trigger
  • RES 1: $493.75 - High Dec 6
  • PRICE: $473.25 @ 13:44 GMT Dec 29
  • SUP 1: $468.25 - Low Dec 20
  • 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 recent gains are considered corrective. Key support at $470.50, Nov 29 low, has been pierced. A clear break of this level would confirm a resumption of the downtrend and a continuation lower would open $439.50, a Fibonacci projection. Moving average studies remain in a bear-mode position, highlighting a downtrend. Key resistance has been defined at $493.75, the Dec 6 high.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.