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(N2) Remains Above Support

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: $776.50 @ 13:44 BST May 20
  • SUP 1: $769.00 - Low May 9
  • SUP 2: $760.81 - 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 and maintain this week’s softer tone. The primary trend remains up and the recent pullback is still considered corrective. Attention however is on support at $769.00, May 9 low and $760.81, the 50-day EMA. A break of this support zone would signal scope for a deeper pullback. On the upside, $824.50, Apr 29 high, is the bull trigger. A break would confirm a resumption of the uptrend.

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