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(N1) Uptrend 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: $735.81 - 3.382 proj of Jan 25 - Feb 9 - Feb 11 price swing
  • RES 1: $728.75 - Intraday high
  • PRICE: $723.50 @ 13:02 BST May 7
  • SUP 1: $674.00 - Low May 3
  • SUP 2: $629.50 - Low Apr 28 and key support
  • SUP 3: $604.50 - Low Apr 22
  • SUP 4: $571.50 - Low Apr 16

Corn futures outlook remains bullish and the contract has traded higher again today. The uptrend has recently accelerated following the break in early April of $556.25, Feb 9 high. Moving average studies remain in a bull mode, reinforcing current trend conditions and the underlying market sentiment. The focus is on $735.81 next, a Fibonacci projection. On the downside, firm support is seen at $629.50, Apr 28 low. Initial support is at $674.00.

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