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(N4) Resistance At The 50-Day EMA Remains Intact

CORN TECHS
  • RES 4: $533.25 - High Oct 20
  • RES 3: $512.50 - High Dec 6
  • RES 2: $502.00 - High Dec 26
  • RES 1: $451.75/471.00 - 50-day EMA / High Jan 24 / 25
  • PRICE: $443.75 @ 14:40 BST Apr 15
  • 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

Corn futures are unchanged. Recent gains resulted in a break of the 20-day EMA, however, resistance at the 50-day EMA, at $451.75, has remained intact. The broader trend direction is down and gains are considered corrective. Fresh trend lows in February reinforce bearish conditions and a resumption of the downtrend would open $400.00. On the upside, a clear break of the 50-day EMA would expose $471.00, the Jan 24 / 25 high.

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