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(N1) Uptrend Extension

CORN TECHS
  • RES 4: $669.56 - 2.382 proj of Jan 25 - Feb 9 - Feb 11 price swing
  • RES 3: $659.88 - 2.236 proj of Jan 25 - Feb 9 - Feb 11 price swing
  • RES 2: $644.25 - 2.00 proj of Jan 25 - Feb 9 - Feb 11 price swing
  • RES 1: $635.00 - Intraday high
  • PRICE: $627.00 @ 13:44 BST Apr 23
  • SUP 1: $571.50 - Low Apr 16
  • SUP 2: $552.75 - Low Apr 13
  • SUP 3: $537.25 - Low Apr 5
  • SUP 4: $518.25 - Low Mar 30 and a key support

Corn futures outlook remains bullish. The contract resumed its uptrend last week trading to fresh trend highs and has this week maintained the current momentum and even accelerated. The move higher extends the positive price sequence of higher highs and higher lows, reinforcing a bullish theme with MA studies remaining in a bull mode. The focus is on $644.25, a Fibonacci projection. Initial firm support lies at $571.50, Apr 16 low.

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