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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: $572.00 - High Feb and 50% of the 2012-20 downleg (cont)
  • PRICE: $554.75 @ 15:14 GMT Feb 26
  • SUP 1: $523.25 - Low Feb 11
  • 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 were offered Thursday, but weakness so far has been insufficient to trigger any meaningful bearish signals. Earlier this month, Corn futures registered new trend highs of $572.00 on Feb 9 which coincides with 50% of the 2012 - 2020 downleg. $572.00 is the bull trigger, a breach would resume the uptrend and maintain the bullish price sequence of higher highs and higher lows. This would open $590.75, a Fibonacci projection. Initial support is $523.25, Feb 11 low. A break would allow for a deeper pullback.