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(N3) Corrective Bounce 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: $600.00/647.50 - High May 8 / High Apr 18
  • PRICE: $579.00 @ 13:44 BST May 24
  • 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 remain in a downtrend and the latest bounce is considered corrective. Last week’s move lower resulted in a break of $569.25, the May 3 low and a bear trigger. This confirms a resumption of the downtrend. Note that moving average studies are in a bear-mode position, highlighting bearish sentiment. The focus is on $536.25, a Fibonacci projection. On the upside, key short-term resistance has been defined at $600.00, the May 8 high.

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