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(N2) Primary Trend Still Up

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: $797.50 @ 13:44 BST May 16
  • SUP 1: $769.00 - Low May 9
  • SUP 2: $755.19 - 50-day EMA
  • SUP 3: $738.25 - Low Apr 5
  • SUP 4: $695.50 - Low Mar 29

Corn futures continue to trade below recent highs. The primary trend is up though and the recent climb to $824.50, on Apr 29, reinforced bullish conditions. It marked 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. $755.19, the 50-day EMA, is the next key support.

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