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(K2) Bull Trend Intact

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: $746.00@ 14:03 GMT Mar 15
  • SUP 1: $712.50 - 20-day EMA
  • 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 remain in an uptrend and continue to trade closer to its recent highs. The break on Mar 1 of $716.25, the Feb 24 high, marked an extension of the positive price sequence of higher highs and higher lows and reinforced underlying bullish conditions. The move higher opens $783.63 next, a Fibonacci projection level ahead of the $800.00 handle. On the downside, initial firm support is seen at $712.50, the 20-day EMA.

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