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(K2) Bullish Price Sequence

CORN TECHS
  • RES 4: $690.75 - 1.50 proj of the Jan 13 - 31 - Feb 2 price swing
  • RES 3: $684.44 - 1.382 proj of the Jan 13 - 31 - Feb 2 price swing
  • RES 2: $676.63 - 1.236 proj of the Jan 13 - 31 - Feb 2 price swing
  • RES 1: $674.50 - High Feb 22
  • PRICE: $670.75 @ 13:44 GMT Feb 23
  • SUP 1: $635.25 - Low Feb 15
  • SUP 2: $610.25 - Low Feb 3 and key support
  • SUP 3: $619.06 - 50-day EMA / Low Jan 3
  • SUP 4: $565.75 - Low Nov 30 and a key support

Corn futures started the week on a firm note Tuesday and in the process cleared resistance at $660.50, the Feb 10 high. This confirms a resumption of the uptrend and an extension of the bullish price sequence of higher highs and higher lows. Moving average conditions are bullish too. The focus is on $676.63, a Fibonacci projection. Key short-term support has been defined at $635.25, the Feb 15 low.

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