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JGB TECHS

(H2) Consolidation Mode

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(K1) Bullish Conditions Intact

CORN TECHS
  • 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.

MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com
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