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(K1) Bullish Price Sequence 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: $572.00 - High Feb and 50% of the 2012-20 downleg (cont)
  • PRICE: $544.00 @ 13:44 GMT Feb 10
  • SUP 1: $532.06 - 20-day EMA
  • SUP 2: $510.50 - Low Jan 26
  • SUP 3: $494.50 - Low Jan 25 and key support
  • SUP 4: $488.25 - Jan 7 low

Corn futures are bullish despite pulling back from yesterday's high. The contract registered a fresh trend high yesterday at $572.00 which also coincides with 50% of the 2012 - 2020 downleg. $572.00 is the bull trigger, a breach would confirm a resumption of the uptrend and maintain the bullish price sequence of higher highs and higher lows. A break higher would open $590.75, a Fibonacci projection. Key trend support is at $494.50, Jan 25 low.

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