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(N3) Bull Cycle Remains In Play

CORN TECHS
  • RES 4: $677.50 - High Dec 30
  • RES 3: $671.75 - High Jan 26, 31 and Feb 2
  • RES 2: $647.50 - High Apr 18
  • RES 1: $606.75 - High May 26
  • PRICE: $603.75 @ 14:37 BST May 30
  • SUP 1: $547.00 - Low May 18
  • SUP 2: $536.25 - 1.382 proj of the Dec 30 - Mar 10 - Apr 128 swing
  • SUP 3: $526.75 - 1.50 proj of the Dec 30 - Mar 10 - Apr 128 swing
  • SUP 4: $517.25 - 1.618 proj of the Dec 30 - Mar 10 - Apr 128 swing

Corn futures traded higher Friday, extending the recent bull run that started on May 18. Recent gains have resulted in a breach of both the 20- and 50-day EMAs. A clear break of the 50-day average would strengthen the current bullish theme and signal scope for a continuation higher. On the downside, a reversal lower would instead refocus attention on key support at and the bear trigger at $547.00, the May 18 low.

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