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(N4) Resistance Remains Intact

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: $460.00 - High Mar 28
  • PRICE: $445.75 @ 13:44 BST May 1
  • 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 recently 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 downtrend 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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  • RES 4: $512.50 - High Dec 6
  • RES 3: $502.00 - High Dec 26
  • RES 2: $471.00 - High Jan 24 / 25
  • RES 1: $460.00 - High Mar 28
  • PRICE: $445.75 @ 13:44 BST May 1
  • 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 recently 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 downtrend 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.