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(K2) Bull Flag
- RES 4: $843.75 - High Aug 2012 and a major resistance
- RES 3: $800.00 - Psychological round number
- RES 2: $791.44 - 3.382 proj of the Jan 13 - 31 - Feb 2 price swing
- RES 1: $783.63 - 3.236 proj of the Jan 13 - 31 - Feb 2 price swing
- PRICE: $766.34 @ 14:06 GMT Mar 23
- SUP 1: $726.75 - Low Mar 16
- SUP 2: $655.25 - Low Feb 25 and key short-term support
- SUP 3: $635.25 - Low Feb 15
- SUP 4: $610.50 - Low Feb 3
Corn futures are still consolidating. The contract remains in an uptrend though and the recent consolidation still appears to be a bull flag, reinforcing bullish conditions. The break on Mar 1 of $716.25, Feb 24 high, marked an extension of the positive price sequence of higher highs and higher lows. The move higher opens $783.63 next, a Fibonacci projection level ahead of $800.00. Initial firm support is seen at $726.75, the Mar 16 low.
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