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(N3) Maintains A Bullish Tone Despite The Latest Pullback

  • 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: $647.50 - High APr 18
  • PRICE: $627.50 @ 13:44 BST Apr 20
  • SUP 1: $615.75 - Low Apr 10
  • SUP 2: $604.00 - Low Mar 22
  • SUP 3: $597.00 - Low Mar 10 and a key support
  • SUP 4: $574.25 - Low Jul 22 and a major support

Corn futures maintain a bullish tone and the latest retracement appears to be a correction. The contract traded higher Tuesday and pierced resistance at $645.75, Apr 3 high and a key hurdle for bulls. A clear break of it would signal scope for gains towards $650.00. Key short-term support is at $615.75, the Apr 10 low. A break of this level would be a bearish development and instead highlight potential for an extension lower towards $597.00, the Mar 10 low.

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