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(K2) Consolidation Mode

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: $743.25 @ 13:44 GMT Mar 28
  • 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 unchanged and remain in consolidation mode. The contract remains in an uptrend too and the recent consolidation still appears to be a bull flag formation. 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. This 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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