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(N2) Bullish Theme

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: $799.00 @ 13:44 BST May 5
  • SUP 1: $780.50 - Low Apr 22 and key short-term support
  • SUP 2: $753.00 - High Mar 31
  • SUP 3: $739.31 - 50-day EMA
  • SUP 4: $695.50 - Low Mar 29

Corn futures are consolidating. The trend outlook remains bullish and last week’s move higher confirmed a resumption of the uptrend. It marks an extension of the bullish price sequence of higher highs and higher lows. Moving average studies also point north, reflecting current sentiment. The focus is on $830.31 next, a Fibonacci projection. $780.50, the Apr 22 low, is key support. A break is required to signal a short-term top.

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