Free Trial

(K2) Bull Flag

CORN TECHS
  • 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.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.