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(K3) Recent Recovery Considered Corrective

CORN TECHS
  • RES 4: $686.00 - High Jan 18 and a key resistance
  • RES 3: $651.63 - 50-day EMA
  • RES 2: $642.75 - High Mar 3 and key short-term resistance
  • RES 1: $638.75 - High Mar 17
  • PRICE: $630.75 @ 14:43 GMT Mar 20
  • 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 has highlighted a bearish threat and a price sequence of lower lows and lower highs remains intact. The focus is on a move to $606.38, a Fibonacci retracement and $573.75, Jul 22 low and a key support. Initial firm resistance is $642.75, the Mar 3 high. A break would alter the picture.

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