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(K3) Range Narrowing

CORN TECHS
  • RES 4: $768.50 - High May 16 and a key resistance
  • RES 3: $753.00 - High Jul 17 and a key resistance
  • RES 2: $711.75/721.38 - High Oct 10 / 76.4% May 16-Jul 22 bear leg
  • RES 1: $688.75 - High Jan 18
  • PRICE: $674.00 @ 11:15 GMT Feb 23
  • SUP 1: $648.25 - Low Jan 10 and key short-term support
  • SUP 2: $635.00 - Low Dec 7 and the bear trigger
  • SUP 3: $623.38 - 61.8% of the Jul 22 - Oct 10 bull cycle
  • SUP 4: $611.50 - Low Aug 18

Corn futures are consolidating. The contract has struggled to make a clear break of congestion resistance layered between 684.75 and 686.00, making these levels key for any leg higher. A bullish break would expose the 76.4% retracement of the May - July bear leg from last year at 721.38. On the downside, key short-term support has been defined at $648.25, the Jan 10 low, where a break would instead reinstate the recent bearish theme.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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