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(N2) Support Remains Intact

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: $784.00 @ 13:24 BST May 23
  • SUP 1: $769.00 - Low May 9
  • SUP 2: $761.50 - 50-day EMA
  • SUP 3: $738.25 - Low Apr 5
  • SUP 4: $695.50 - Low Mar 29

Corn futures are consolidating. The contract continues to trade below recent highs. The primary trend remains up though and the latest pullback is still considered corrective. Attention is on support at $769.00, May 9 low and $761.50, 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 breach of it would confirm a resumption of the uptrend.

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