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(K2) Trend Needle Still Pointing North

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: $782.75 - Mar 4 high and the bull trigger
  • PRICE: $755.75 @ 13:44 BST Apr 6
  • SUP 1: $705.13 - 50-day EMA
  • 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 above the Mar 29 low of $713.50 and inside its current range. $713.50 represents an important short-term support and lies ahead of the 50-day EMA at $705.13 - a key support area. The trend remains bullish and a push higher would expose $782.75, the Mar 4 high, where a break would resume the uptrend. Weakness below the 50-day EMA would be seen as a bearish short-term development.

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