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(K3) Bearish Price Sequence

CORN TECHS
  • RES 4: $6869.00 - High Oct 10 Jan 18 and a key resistance
  • RES 3: $658.94 - 50-day EMA
  • RES 2: $642.75 - High Mar 3 and key short-term resistance
  • RES 1: $622.25 - Low Mar 1
  • PRICE: $611.25 @ 14:35 GMT Mar 10
  • SUP 1: $606.38 - 76.4% of the Jul 22 - Oct 10 20 2022 bull cycle
  • SUP 2: $600.00 - Psychological round number
  • SUP 3: $573.75 - Low Jul 22 and a major support
  • SUP 4: $552.50 - Low Jan 3 2022

Corn futures remain vulnerable. The recent sharp sell-off (late February) highlighted a bearish threat and the contract is once again weaker following yesterday's sell-off and resumption of the downtrend. This maintains the current bearish price sequence of lower lows and lower highs. The focus is on $606.38, a Fibonacci retracement and $573.75, the Jul 22 low and a key support. Initial firm resistance is at $642.75, the Mar 3 high.

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