(K2) Trend Needle Still Points North

• 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.