(N4) Resistance Remains Intact

• RES 4: $533.25 - High Oct 20
• RES 3: $512.50 - High Dec 6
• RES 2: $502.00 - High Dec 26
• RES 1: $452.38/471.00 - 50-day EMA / High Jan 24 / 25
• PRICE: $447.50 @ 13:44 BST Apr 11
• 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 $452.38, 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.