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(N1) Base Building?

CORN TECHS
  • RES 4: $751.44 - 3.618 proj of Jan 25 - Feb 9 - Feb 11 price swing
  • RES 3: $743.63 - 3.50 proj of Jan 25 - Feb 9 - Feb 11 price swing
  • RES 2: $714.00/735.25 - High May 13 / High May 7
  • RES 1: $687.00 - High May 14
  • PRICE: $660.00 @ 13:44 BST May 28
  • SUP 1: $602.75 - Low May 26 and key near-term support
  • SUP 2: $588.25 - Low Apr 21
  • SUP 3: $571.50 - Low Apr 16
  • SUP 4: $552.75 - Low Apr 13

Corn futures rallied sharply higher yesterday extending the recovery from Wednesday's low of $602.75. The failure to remain below the 50-day EMA and yesterday's reversal highlights the early stages of a potential base. A continued move higher would open $687.00, May 14 high and the major resistance at $735.25, May 7 high. On the downside, weakness through $602.75 would instead resume bearish pressure.

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