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(N2) Corrective 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: $787.50 @ 14:35 BST May 11
  • SUP 1: $769.00 - Low May 9
  • SUP 2: $753.00 - High Mar 31
  • SUP 3: $751.13 - 50-day EMA
  • SUP 4: $695.50 - Low Mar 29

Corn futures remain below recent highs. The trend outlook is bullish and the recent climb to $824.50, on Apr 29, 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. The current pullback is considered corrective. $750.13, the 50-day EMA, is the next key support.

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  • 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: $787.50 @ 14:35 BST May 11
  • SUP 1: $769.00 - Low May 9
  • SUP 2: $753.00 - High Mar 31
  • SUP 3: $751.13 - 50-day EMA
  • SUP 4: $695.50 - Low Mar 29

Corn futures remain below recent highs. The trend outlook is bullish and the recent climb to $824.50, on Apr 29, 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. The current pullback is considered corrective. $750.13, the 50-day EMA, is the next key support.