Free Trial

(N3) Bearish Threat Still Present

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: $597.75/647.50 - 20-day EMA / High Apr 18
  • PRICE: $584.75 @ 14:34 BST May 16
  • SUP 1: $569.25 - Low May 3
  • SUP 2: $568.75 - Low Jan 21 2022
  • SUP 3: $559.25 - Low Jan 6 2022
  • SUP 4: $548.00 - 1.236 proj of the Dec 30 - Mar 10 - Apr 128 swing

Corn futures remain in a downtrend and recent short-term gains appear to be a correction. The recent fresh cycle low at $569.25 on May 3, reinforces bearish conditions. Moving average studies are in a bear mode position too, highlighting a downtrend. This opens $568.75 next, the Jan 21 2022 low. Initial firm resistance is seen at $597.75, the 20-day EMA. Key resistance is at $647.50, the Apr 18 high.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.