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(K2) Watching The 50-Day EMA

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: $740.50 @ 13:44 GMT Mar 31
  • SUP 1: $697.44 - 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 Tuesday’s low and price is back inside its recent range. The move below support Tuesday at $726.75, Mar 16 low, does highlight a short-term range breakout and signals scope for a deeper pullback. Note too that the contract breached the 20-day EMA. The focus shifts to support at the 50-day EMA that intersects at $697.44. Key resistance is at $782.75, the Mar 4 high where a break would resume the uptrend.

Energy BulletsCommodities
Energy BulletsCommodities

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