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(K2) Reversal Off Yesterday’s High

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: $667.00 @ 13:44 GMT Feb 25
  • SUP 1: $660.50 - High Feb 10
  • SUP 2: $635.25 - Low Feb 15
  • SUP 3: $624.25 - 50-day EMA
  • SUP 4: $610.25 - Low Feb 3 and key support

Corn futures started the week on a firm note and bulls had not looked back, until yesterday. Price has pulled back from $716.25, yesterday’s high and a shooting star candle formation marks yesterday’s activity. This signals a possible short-term top allowing for a correction to unwind the overbought momentum set-up. Key short-term support has been defined at $635.25, the Feb 15 low. The bull trigger is $716.25.

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