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Heading South

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Rates Off Highs Into Month End

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Holding On To Its Gains

US TSYS

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(N1) Bulls Still In Control

CORN TECHS
  • RES 4: $800.00 - High Jul 2013 and a psychological resistance
  • RES 3: $751.44 - 3.618 proj of Jan 25 - Feb 9 - Feb 11 price swing
  • RES 2: $743.63 - 3.50 proj of Jan 25 - Feb 9 - Feb 11 price swing
  • RES 1: $735.81 - 3.382 proj of Jan 25 - Feb 9 - Feb 11 price swing
  • PRICE: $726.00 @ 13:44 BST May 12
  • SUP 1: $674.00 - Low May 3
  • SUP 2: $629.50 - Low Apr 28 and key support
  • SUP 3: $604.50 - Low Apr 22
  • SUP 4: $571.50 - Low Apr 16

Corn futures outlook remains positive and last week's gains reinforce bullish conditions. The uptrend has recently accelerated following the break in early April of $556.25, Feb 9 high. Moving average studies remain in a bull mode too, also reinforcing current trend conditions. The focus is on $735.81 and $751.44, Fibonacci projections. On the downside, firm support is seen at $629.50, Apr 28 low. Initial support is at $674.00.

MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com

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