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(K1) Still In A Consolidation Mode

CORN TECHS
  • RES 4: $620.50 - 1.00 proj of Dec 7 - Jan 13 rally from Jan 25 low
  • RES 3: $590.75 - 0.764 proj of Dec 7 - Jan 13 rally from Jan 25 low
  • RES 2: $572.00 - High Feb and 50% of the 2012-20 downleg (cont)
  • RES 1: $559.25 - High Feb 23
  • PRICE: $545.50 @ 13:44 GMT Mar 30
  • SUP 1: $529.25 - Low Mar 4
  • SUP 2: $523.25 - Low Feb 11 and key near-term support
  • SUP 3: $510.50 - Low Jan 26
  • SUP 4: $494.50 - Low Jan 25 and key support

Corn futures are unchanged and continue to trade sideways in a range. On Feb 9, the contract touched a $572.00 high which coincides with 50% of the 2012 - 2020 downleg. $572.00 is the bull trigger, a break would resume the uptrend and extend the bullish price sequence of higher highs and higher lows. This would open $590.75, a Fibonacci projection. Initial trend support is $523.25, Feb 11 low. A break is required to signal a deeper pullback.

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

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