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(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.

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