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CORN TECHS

(N1) Needle Still Points North

SOY TECHS

(N1) Bullish Theme

COPPER TECHS

(K1) Breaks Out Of Its Recent Range

OPTIONS

Larger FX Option Pipeline

USD

Greenback Weakness Resumes into NY Hours

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  • RES 4: $620.50 - 1.00 proj of Dec 7 - Jan 13 rally from Jan 25 low
  • RES 3: $600.00 Psychological round number
  • RES 2: $590.75 - 0.764 proj of Dec 7 - Jan 13 rally from Jan 25 low
  • RES 1: $585.00 - High Apr 1
  • PRICE: $565.25 @ 14:34 GMT Apr 8
  • SUP 1: $549.75 - Low Apr 5
  • SUP 2: $533.75 - Low Mar 30
  • SUP 3: $529.25 - Low Mar 4
  • SUP 4: $523.25 - Low Feb 11 and key near-term support

Corn futures traded higher Apr 1 to a fresh trend high of $585.00, confirming a break of the former resistance at $572.00, Feb 9 high and the 50% retracement of the 2012 - 2020 downleg. The break higher also marked a resumption of the underlying uptrend and the recent period of consolidation. The focus is on $590.75 next, a Fibonacci projection. Initial key support is at $533.75, Mar 30 low.