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(N1) Remains Vulnerable

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: $687.00 - High May 14
  • PRICE: $652.50 @ 13:44 BST May 25
  • SUP 1: $633.00 - Low May 17
  • SUP 2: $629.50 - Low Apr 28 and key support
  • SUP 3: $622.13 - 50-day EMA
  • SUP 4: $588.25 - Low Apr 21

Corn futures are consolidating but maintain a bearish tone following the pullback from $735.25, May 7 high. Price has recently traded through the 20-day EMA and this suggests short-term potential for a move towards the 50-day EMA at $622.13. The 50-day EMA represents a strong area of support. On the upside, key resistance is at $735.25. A break would confirm a resumption of the underlying uptrend.

Energy BulletsCommodities
Energy BulletsCommodities

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