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COMMODITIES

Is The Rally on Copper Over?

EGB OPTIONS

Bund July Call Buyer

GILT AUCTION RESULTS

DMO sells GBP2bln of the 1.25% Jul-51 Gilt

MNI EXCLUSIVE

Timeline For Approval Of Plans On NGEU Aid

COMMODITIES

WTI, Brent Circling Below Cycle Highs

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  • 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: $735.25 - High May 7
  • PRICE: $662.75 @ 13:01 BST May 18
  • SUP 1: $633.00 - Low May 17
  • SUP 2: $629.50 - Low Apr 28 and key support
  • SUP 3: $613.88 - 50-day EMA
  • SUP 4: $588.25 - Low Apr 21

Corn futures have entered a corrective phase following last week's sell-off. Price has traded through the 20-day EMA and this suggests short-term potential for a move towards the 50-day EMA at $613.88. The 50-day EMA represents a strong area of support. On the upside, key resistance has been defined at $735.25, the May 7 high. A break would confirm a resumption of the underlying uptrend.