Free Trial

(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.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.