(K4) Gains Considered Corrective

• 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
• RES 1: $463.00 - High Jan 25 and a key short-term resistance
• PRICE: $441.50 @ 14:22 GMT Mar 12
• 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

Corn futures traded higher last week and this resulted in a break of the 20-day EMA. The move higher is considered corrective and signals scope for a climb towards the 50-day EMA, at $448.31. The broader trend direction remains down. Recent fresh trend lows reinforce bearish conditions and maintain the price sequence of lower lows and lower highs. Scope is seen for an extension towards the $400.00 handle once the downtrend resumes.