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(H4) Bearish Trend Structure Intact

  • RES 4: $535.25 - High Aug 2
  • RES 3: $521.50 - High Oct 20 and the reversal trigger
  • RES 2: $493.75 - High Dec 6
  • RES 1: $481.00 - High Dec 26 and key short-term resistance
  • PRICE: $457.00 @ 14:34 GMT Jan 12
  • SUP 1: $451.75 - Low Jan 9
  • 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 the latest round of fresh trend lows reinforce current bearish conditions. The move lower maintains the price sequence of lower lows and lower highs. Scope is seen for a move towards the 450.00 handle and $439.50 further out, a Fibonacci projection. On the upside, key short-term resistance has been defined at $481.00, the Dec 26 high. A break of this level would signal a possible base.

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