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(N3) Fails To Remain Above The 50-Day EMA

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: $583.00 @ 14:30 BST May 31
  • SUP 1: $547.00 - Low May 18 and the bear trigger
  • 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. The move higher resulted in a breach of the 20- and 50-day EMAs. However, price has failed to remain above the 50-day EMA, which intersects at $601.75. The medium-term trend is down and a continuation lower would expose key support and the bear trigger at $547.00, May 18 low. On the upside, a break of $606.75, the May 26 high is required to signal scope for a stronger rally.

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