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(N1) Needle Still Points North

CORN TECHS
  • RES 4: $603.31 - 1.382 proj of Jan 25 - Feb 9 - Feb 11 price swing
  • RES 3: $600.00 - Psychological round number
  • RES 2: $593.63 - 1.236 proj of Jan 25 - Feb 9 - Feb 11 price swing
  • RES 1: $586.50 - High Apr 15
  • PRICE: $578.25 @ 13:44 BST Apr 16
  • SUP 1: $552.75 - Low Apr 13
  • SUP 2: $537.25 - Low Apr 5
  • SUP 3: $518.25 - Low Mar 30 and a key support
  • SUP 4: $511.75 - Low Mar 11

Corn futures outlook remains bullish. The contract resumed its uptrend this week trading to fresh trend highs once again. The move higher maintains the bullish price sequence of higher highs and higher lows, reinforcing a bullish theme with moving average studies remaining in a bull mode. The focus is on $593.63, a Fibonacci projection and the psychological $600.00 level. Initial support lies at $552.72, the Apr 13 low.

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