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(N3) Bear Cycle Still In Play

CORN TECHS
  • RES 4: $677.50 - High Dec 30
  • RES 3: $671.75 - High Jan 26, 31 and Feb 2
  • RES 2: $650.00 - Pivot level
  • RES 1: $630.88/647.50 - 50-day EMA / High Apr 18
  • PRICE: $609.25 @ 13:44 BST Apr 26
  • SUP 1: $601.00 - Low Apr 25
  • SUP 2: $597.00 - Low Mar 10 and a key support
  • SUP 3: $574.25 - Low Jul 22 and a major support
  • SUP 4: $568.75 - Low Jan 21 2022

Corn futures have traded lower this week, extending last week’s bearish theme. Support at $615.75, the Apr 10 low, has been breached. The break is a bearish development and highlights potential for an extension lower towards $597.00, the Mar 10 low. On the upside, key short-term resistance has been defined at $647.50, the Apr 18 high. Clearance of this hurdle would reinstate the recent bullish theme.

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