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(N2) Trading At Recent Lows

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: $766.19 - 20-day EMA
  • PRICE: $735.34 @ 13:44 BST Jun 6
  • 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 are unchanged and remain in a 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. The 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.

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