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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: $651.13/660.88 - 20-day EMA / 50-day EMA
  • PRICE: $624.25 @ 14:44 GMT Mar 9
  • SUP 1: $622.25 - Low Aug 19 and the bear trigger
  • 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

Corn futures remain vulnerable. The recent sharp sell-off (late February) highlights a bearish threat and the contract is once again 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 $651.13, the 20-day EMA.

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