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(N3) Cracks Support

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: $622.63/647.50 - 20-day EMA / High Apr 18
  • PRICE: $591.25 @ 14:42 BST Apr 27
  • SUP 1: $586.00 - 0.764 proj of Dec 30 - Mar 10 - Apr 18 price swing
  • SUP 2: $580.75 - Low Jul 25 2022
  • SUP 3: $574.25 - Low Jul 22 2022 and a major support
  • SUP 4: $568.75 - Low Jan 21 2022

Corn futures continue to trade lower this week and the contract is soft again today. Price has cleared key support at $597.00, the Mar 10 low. This confirms a resumption of the bear cycle that started Oct 10 last year and paves the way for weakness towards $574.25, the Jul 22 2022 low - a key support. Initial firm resistance is seen at $622.63, the 20-day EMA. Key resistance is at $647.50, the Apr 18 high.

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