(N2) In A Bear Cycle

• RES 4: $837.88 - 2.764 proj of the Mar 16 - 23 - 29 price swing
• RES 3: $830.31 - 2.618 proj of the Mar 16 - 23 - 29 price swing
• RES 2: $824.50 - High Apr 29 and the bull trigger
• RES 1: $770.31 - 20-day EMA
• PRICE: $730.50 @ 14:31 BST Jun 3
• SUP 1: $720.50 - Low Jun 1
• SUP 2: $695.50 - Low Mar 29 and key support
• SUP 3: $677.25 - Low Mar 1
• SUP 4: $660.25 - Low Feb 28

Corn futures remain in the bear cycle that started Apr 29. Price has breached a number of key short-term support levels and has also traded below the 50-day EMA. A clear breach of this EMA strengthens the current bearish theme and signals scope for weakness towards $695.50, the Mar 29 low. The primary trend is up though and the latest bear cycle is considered corrective. Key resistance is $824.50, Apr 29 high.