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(K4) Watching Resistance At The 50-Day EMA

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
  • RES 1: $463.00 - High Jan 25 and a key short-term resistance
  • PRICE: $439.50 @ 14:20 GMT Mar 26
  • 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 are in consolidation mode. Recent gains in the contract resulted in a break of the 20-day EMA. The move higher has exposed the 50-day EMA, at $444.94. The broader trend direction remains down and gains are considered corrective. Recent fresh trend lows reinforce bearish conditions and a resumption of the trend 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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