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(N3) Trading Closer To Its Recent Highs

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 @ 13:44 BST Jun 1
  • 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 are trading closer to the recent highs. The contract has breached the 20- and 50-day EMAs. The 50-day EMA intersects at $601.44 and represents an important resistance area. A clear break of the average would strengthen bullish conditions and open $647.50, the Apr 18 high. The medium-term trend is down and a resumption of weakness would expose key support and the bear trigger at $547.00, May 18 low.

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