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(K3) Bearish Outlook

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: $660.25/663.44 - Low Jan 23 / 50-day EMA
  • PRICE: $634.75 @ 14:32 GMT Mar 7
  • SUP 1: $622.25 - Low Aug 19
  • SUP 2: $615.25 - Low Aug 18 2022
  • SUP 3: $606.38 - 76.4% of the Jul 22 - Oct 10 20 2022 bull cycle
  • SUP 4: $573.75 - Low Jul 22 and a major support

The recent sharp sell-off in Corn futures highlights a bearish threat and despite the latest bounce, the contract is trading closer to its recent lows, reinforcing a bearish theme. The 640.00 handle has been breached and price has also traded through a key support at $636.75, the Dec 7 low. The break paves the way for $615.25, the Aug 18 2022 low. On the upside, initial resistance is seen at $660.25, the Jan 23 low.

Energy BulletsCommodities
Energy BulletsCommodities

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