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(K4) Resistance Remains Intact

CORN TECHS
Commodities TechHomepagemarkets-real-timeCommoditiesEnergy BulletsBulletEnergy Technical Analysis
  • 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: $443.75/463.00 - 50-day EMA / High Jan 25
  • PRICE: $429.00 @ 14:10 GMT Mar 28
  • 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

Recent gains in Corn futures resulted in a break of the 20-day EMA, however, resistance at the 50-day EMA, at $443.75, has remained intact. The broader trend direction remains down and gains are considered corrective. Fresh trend lows in February reinforce bearish conditions and a resumption of the downtrend would open $400.00. On the upside, a clear break of the 50-day EMA would expose $463.00, Jan 25 high.

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  • 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: $443.75/463.00 - 50-day EMA / High Jan 25
  • PRICE: $429.00 @ 14:10 GMT Mar 28
  • 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

Recent gains in Corn futures resulted in a break of the 20-day EMA, however, resistance at the 50-day EMA, at $443.75, has remained intact. The broader trend direction remains down and gains are considered corrective. Fresh trend lows in February reinforce bearish conditions and a resumption of the downtrend would open $400.00. On the upside, a clear break of the 50-day EMA would expose $463.00, Jan 25 high.