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(K2) Trend Outlook Remains 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: $748.25 @ 13:44 GMT Mar 11
  • SUP 1: $703.06 - 20-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 in an uptrend. The contract traded higher last week and futures cleared $716.25, the Feb 24 high. This marked an extension of the positive 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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