April 23, 2024 13:34 GMT
(N4) Resistance At The 50-Day EMA Has Been Pierced
CORN TECHS
- RES 4: $512.50 - High Dec 6
- RES 3: $502.00 - High Dec 26
- RES 2: $471.00 - High Jan 24 / 25
- RES 1: $449.81/460.00 - 50-day EMA / High Mar 28
- PRICE: $448.34 @ 13:44 BST Apr 23
- SUP 1: $422.25 - 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
Resistance in Corn futures at the 50-day EMA, at $449.81, has been pierced. The broader trend direction is down and gains are considered corrective. Fresh trend lows in February reinforce bearish conditions and a resumption of the bear trend would open $400.00. On the upside, a clear break of the 50-day EMA would instead expose $460.00, the Mar 28 high, and a break of this level would open $471.00, the Jan 24 / 25 high.
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