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(N4) Watching Support

CORN TECHS
Commodities TechHomepagemarkets-real-timeCommoditiesBulletMarketsForeign Exchange Bullets


  • 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
  • PRICE: $452.25 @ 14:35 BST May 31
  • 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 have traded lower this week and the contract has breached a minor support at $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. While the support holds, it is possible that the recent move down is a correction. A resumption of gains would refocus attention on the bull trigger at $475.50, the May 13 / 14 high.

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  • 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
  • PRICE: $452.25 @ 14:35 BST May 31
  • 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 have traded lower this week and the contract has breached a minor support at $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. While the support holds, it is possible that the recent move down is a correction. A resumption of gains would refocus attention on the bull trigger at $475.50, the May 13 / 14 high.