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(N1) Trades Below 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 and key near-term resistance
  • PRICE: $626.75 @ 12:58 BST May 27
  • SUP 1: $602.75 - Low May 25 and intraday low
  • SUP 2: $588.25 - Low Apr 21
  • SUP 3: $571.50 - Low Apr 16
  • SUP 4: $552.75 - Low Apr 13

Corn futures maintain a weaker tone despite yesterday's recovery. The Sharp sell-off Tuesday is likely to weigh on sentiment near-term and signals scope for a deeper corrective pullback. Price has also breached the 50-day EMA. This average represents a key area of support and a clear break would strengthen a bearish case. The current pullback however is considered a correction. Initial key resistance is at 671.25, May 20 high.

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