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(K3) Bear Threat Remains Present

CORN TECHS
  • RES 4: $712.00 - High Oct 10
  • RES 3: $702.50 - High Oct 31
  • RES 2: $686.00 - High JAn 18 and a key resistance
  • RES 1: $670.34 - 50-day EMA
  • PRICE: $646.50 @ 14:49 GMT Feb 27
  • SUP 1: $644.75 - Low Dec 19
  • SUP 2: $636.75 - Low Dec 7 and the bear trigger
  • SUP 3: $615.25 - Low Aug 18 2022
  • SUP 4: $599.50 - Low Aug 3 2022

A sharp sell-off in Corn futures last week highlights a bearish threat with support exposed. Attention is on the 640.00 handle and the next key support at $636.75, the Dec 7 low. A break of this level would pave the way for $615.25, the Aug 18 2022 low. On the upside, key congestion resistance is layered between 684.75 (Feb 14) and 686.00 (Jan 18). Clearance of this zone would be bullish. Initial firm resistance is at $670.75, the 50-day EMA.

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