Free Trial

(K2) Trend Needle Still Points 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: $760.50 @ 13:44 BST Apr 5
  • SUP 1: $702.81 - 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 remain above the Mar 29 low of $713.50 low but continue to trade inside the recent range. $713.50 represents an important short-term support and lies ahead of the 50-day EMA at $702.81 - 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.

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.