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(K2) Trend Conditions Remain Bullish

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: $749.00 @ 13:44 GMT Mar 8
  • SUP 1: $655.25 - Low Feb 25 and key short-term support
  • SUP 2: $687.56 - 20-day EMA
  • SUP 3: $648.56 - 50-day EMA
  • SUP 4: $635.25 - Low Feb 15

Corn futures traded higher last week and futures cleared $716.25, the Feb 24 high. This marked an extension of the bullish price sequence of higher highs and higher lows and reinforces underlying bullish conditions. The move higher opens $783.63 next, a Fibonacci projection level ahead of the $800.00 handle. On the downside, key short-term support has been defined at $655.25, the Feb 25 low.

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