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(N2) Key Short-Term Support Defined At $720.50

CORN TECHS
  • 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: $789.75 - High May 19
  • PRICE: $767.75 @ 14:32 BST Jun 8
  • 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 have recovered from recent lows and, a key short-term support has been defined at $720.50, the Jun 6 low. Recent weakness has likely been a correction and the recovery since Jun 6 is potentially a bullish reversal signal. Continued gains would open the 800.00 level and more importantly, $824.50, the Apr 29 high and a bull trigger. A move below $720.50 would instead confirm a resumption of recent bearish activity.

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