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(H4) Still Looking For Weakness

CORN TECHS
  • 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 and the reversal trigger
  • PRICE: $475.50 @ 13:44 GMT Dec 19
  • SUP 1: $470.50 - Low Nov 29
  • 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 S/T gains are considered corrective. Key support and the bear trigger at $476.50, the Nov 13 low, has recently 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.

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