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(Z3) Watching Support At $511.25

CORN TECHS
  • RES 4: $598.75 - High Feb 6 and 14
  • RES 3: $576.25 - High Mar 29
  • RES 2: $571.25 - High Apr 19
  • RES 1: $548.00 - High Jun 5
  • PRICE: $525.25 @ 14:54 BST Jun 9
  • SUP 1: $511.25 - Low May 31
  • SUP 2: $490.25 - Low May 18 and the bear trigger
  • SUP 3: $476.00 - Low Oct 13 20201
  • SUP 4: $462.50 - Low Sep 21 2021

Corn futures have recently traded above the 20- and 50-day EMAs. The move above the 50-day average which intersects at $536.13 strengthens current bullish conditions. A continuation higher would open $571.25, the Apr 19 high. However, the medium-term trend remains down and a stronger resumption of weakness would expose key support and the bear trigger at $490.75, May 15 low. First support to watch lies at $511.25, the May 31 low.

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