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(H4) Trend Needle Points South

CORN TECHS
  • RES 4: $521.50 - High Oct 20 and the reversal trigger
  • RES 3: $493.75 - High Dec 6
  • RES 2: $481.00 - High Dec 26 and key short-term resistance
  • RES 1: $453.25 - High Jan 25 and a key short-term resistance
  • PRICE: $440.50 @ 13:44 GMT Feb 5
  • SUP 1: $436.50 - Low Jan 30
  • SUP 2: $405.69 - 1.236 proj of the Jun 21 - Jul 13 - Jul 24 price swing
  • SUP 3: $400.00 - Psychological round number
  • SUP 4: $384.75 - 1.382 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 an extension to $405.69, a Fibonacci projection. On the upside, key short-term resistance has been defined at $453.25, the Jan 25 high. A break of this level would signal a possible base.

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