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(K4) Bearish Conditions Remain Intact

CORN TECHS
  • RES 4: $528.75 - High Oct 20 and the reversal trigger
  • RES 3: $504.75 - High Dec 6
  • RES 2: $493.00 - High Dec 26 and key short-term resistance
  • RES 1: $463.00 - High Jan 25 and a key short-term resistance
  • PRICE: $425.00 @ 14:34 GMT Feb 29
  • SUP 1: $408.75 - Low Feb 26
  • SUP 2: $400.00 - Psychological round number
  • SUP 3: $382.38 - 1.50 proj of the Jun 21 - Jul 13 - Jul 24 price swing
  • SUP 4: $366.25 - 1.618 proj of the Jun 21 - Jul 13 - Jul 24 price swing

A bearish outlook in Corn futures remains intact and the recent round of fresh trend lows reinforces current bearish conditions. The move down maintains the price sequence of lower lows and lower highs. Scope is seen for an extension towards the $400.00 handle. On the upside, key short-term resistance has been defined at $463.00, the Jan 25 high. A break of this level would signal a possible base.

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