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(K3) Corrective Bounce Remains In Play

CORN TECHS
  • RES 4: $686.00 - High Jan 18 and a key resistance
  • RES 3: $652.25 - 50-day EMA
  • RES 2: $642.75 - High Mar 3 and key short-term resistance
  • RES 1: $638.75 - Intraday high
  • PRICE: $634.25 @ 14:10 GMT Mar 17
  • 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 and the latest recovery is considered corrective. The recent sharp sell-off (late February) highlighted a bearish threat and last week’s move lower reinforces this theme. The move lower maintains the price sequence of lower lows and lower highs. The focus is on $606.38, a Fibonacci retracement and $573.75, Jul 22 low and a key support. Initial firm resistance is $642.75, Mar 3 high. A break would alter the picture.

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