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(N1) Testing The 50-day EMA

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: $671.25 - High May 20
  • PRICE: $623.50 @ 13:44 BST May 26
  • SUP 1: $617.25 - Low May 25 and intraday low
  • SUP 2: $604.25 - Low Apr 22
  • SUP 3: $588.25 - Low Apr 21
  • SUP 4: $571.50 - Low Apr 16

Corn futures are weaker following yesterday's sharp sell-off that saw the downleg from the May 7 high resume. Price is testing the 50-day EMA that intersects at $617.25. This average represents a key area of support and a clear break would suggest scope for a deeper pullback. The pullback is however considered a correction. Initial resistance is at 671.25, May 20 high where a break would signal the end of the recent sell-off.

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