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(K2) Candle Pattern Highlights Short-Term Top

CORN TECHS
  • RES 4: $750.56 - 2.618 proj of the Jan 13 - 31 - Feb 2 price swing
  • RES 3: $746.25 - High APr 30 2021 and a key resistance
  • RES 2: $730.13 - 2.236 proj of the Jan 13 - 31 - Feb 2 price swing
  • RES 1: $716.25 - High Feb 24
  • PRICE: $682.75 @ 13:44 GMT Feb 28
  • SUP 1: $655.25 - Low Feb 25
  • SUP 2: $635.25 - Low Feb 15
  • SUP 3: $625.44 - 50-day EMA
  • SUP 4: $610.25 - Low Feb 3 and key support

Corn futures traded higher last week but found resistance on Feb 24 at $716.25 and a shooting star candle formation marks that day’s activity - a reversal pattern. This signals a possible short-term top and the possibility of a correction that would allow the recent overbought condition to unwind. Key short-term support has been defined at $635.25, the Feb 15 low. The bull trigger is $716.25.

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