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(N4) Corrective Pullback

CORN TECHS
  • RES 4: $512.50 - High Dec 6
  • RES 3: $502.00 - High Dec 26
  • RES 2: $480.25 - High Jan 12
  • RES 1: $475.50 - High May 13 / 14
  • PRICE: $459.75 @ 14:30 BST May 22
  • SUP 1: $435.75/422.25 - Low Apr 18 / Low Feb 26
  • SUP 2: $400.00 - Psychological round number
  • SUP 3: $391.13 - 1.50 proj of the Jun 21 - Jul 13 - Jul 24 price swing
  • SUP 4: $375.69 - 1.618 proj of the Jun 21 - Jul 13 - Jul 24 price swing

A bullish outlook in Corn futures remains intact and the latest pullback appears to be a correction. Resistance at $460.00, the Mar 28 high, has recently been cleared and the break highlights a stronger bullish theme that opens $480.25 next, Jan 12 high. First key support to watch lies at $435.75, the Apr 18 low. Clearance of this level would reinstate a bearish threat and open $422.25, the Feb 26 low.

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