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(N4) Support Remains Intact

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 and the bull trigger
  • PRICE: $459.00 @ 13:44 BST Jun 13
  • 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

Corn futures traded lower recently and breached $451.00, the May 17 low. 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 and a key medium-term support. While $435.75 remains intact, it is possible that the recent move down is a correction and the latest gains support this. A continuation higher would refocus attention on $475.50, the May 13/14 high.

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