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(K1) Tips Above Friday High

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: $553.00 @ 12:37 GMT Feb 23
  • 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 resumed the bullish theme. The contract registered a fresh trend high 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.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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