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(N1) Recovery Extends

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: $690.75 - High Jun 1
  • PRICE: $687.50 @ 13:44 BST Jun 2
  • 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 traded higher yesterday and are holding onto recent gains. The recent recovery from $602.75, May 26 low appears to be a stronger reversal and potentially the early stages of a resumption of the primary bull trend. The recovery from the May 26 low also means that price failed to remain below the 50-day EMA - a bullish development. If correct, this has exposed $735.25, the May 7 high and bull trigger. Key support is at $602.75.

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