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(N1) Holding Onto Gains

CORN TECHS
  • RES 4: $726.13 - 3.236 proj of Jan 25 - Feb 9 - Feb 11 price swing
  • RES 3: $726.13 - 2.236 proj of Jan 25 - Feb 9 - Feb 11 price swing
  • RES 2: $710.50 - 3.00 proj of Jan 25 - Feb 9 - Feb 11 price swing
  • RES 1: $704.00 - High May 4
  • PRICE: $699.50 @ 13:44 BST May 5
  • SUP 1: $629.50 - Low Apr 28 and key support
  • SUP 2: $604.50 - Low Apr 22
  • SUP 3: $571.50 - Low Apr 16
  • SUP 4: $552.75 - Low Apr 13

Corn futures outlook remains bullish and the contract traded higher again Monday breaching last week's high of $684.00 from Apr 27. 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, reinforcing trend conditions and underlying market sentiment. The focus is on $710.50 next, a Fibonacci projection. On the downside, support is seen at $629.50, Apr 28 low.

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