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(N3) Trend Needle Points South

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: $607.44/647.50 - 20-day EMA / High Apr 18
  • PRICE: $581.00 @ 13:31 BST May 4
  • SUP 1: $569.25 - Intraday low
  • SUP 2: $568.75 - Low Jan 21 2022
  • SUP 3: $559.25 - Low Jan 6 2022
  • SUP 4: $548.00 - 1.236 proj of the Dec 30 - Mar 10 - Apr 128 swing

Corn futures traded lower last week and the contract remains soft. Furthermore, yesterday’s intraday low confirms a fresh cycle low print in the trend that started Oct 10 last year. Moving average studies are in a bear mode position too, highlighting a downtrend. This opens $568.75 next, the Jan 21 2022 low. Initial firm resistance is seen at $607.44, the 20-day EMA. Key resistance is at $647.50, the Apr 18 high.

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