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(N2) Bear Cycle Still In Play

CORN TECHS
  • RES 4: $840.00 - Round number resistance
  • RES 3: $837.88 - 2.764 proj of the Mar 16 - 23 - 29 price swing
  • RES 2: $830.31 - 2.618 proj of the Mar 16 - 23 - 29 price swing
  • RES 1: $824.50 - High Apr 29 and the bull trigger
  • PRICE: $772.00 @ 13:44 BST May 31
  • SUP 1: $747.00 - High Mar 7
  • SUP 2: $738.25 - Low Apr 5
  • SUP 3: $695.50 - Low Mar 29
  • SUP 4: $677.25 - Low Mar 1

Corn futures traded lower last week and in the process breached a number of key short-term support levels. Price has traded below the 50-day EMA that intersects at 763.81. A clear breach of this average would strengthen the current bearish theme and signal scope for weakness towards $738.25, Apr 5 low. The primary trend remains up and the current bear cycle is considered corrective. Key resistance and the bull trigger is at $824.50, the Apr 29 high.

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