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Bouncing Off Lows

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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 - Intraday high
  • PRICE: $576.25 @ 13:44 GMT Apr 1
  • SUP 1: $564.25 - High Mar 31 and gap low on the daily chart
  • 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 yesterday and have today extended this week's bull run, gapping higher at today's open. Importantly, the contract has cleared former resistance at $572.00, the Feb 9 high and the 50% retracement of the 2012 - 2020 downleg. The break higher confirms a resumption of the underlying uptrend and ends the recent period of consolidation. This opens $590.75 next, a Fibonacci projection. Key support is at $533.75, Mar 30 low.

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