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TECHS: Corn: (Z0) Attention Is On Trendline Support

COMMODITIES
  • RES 4: $430.50 - High Jul 24, 2019
  • RES 3: $425.56 - 76.4% retracement of the Jun 2019 - Apr downtrend
  • RES 2: $422.25 - High Oct 27 and the bull trigger
  • RES 1: $415.25 - High Oct 28
  • PRICE: $397.50 @ 11:31 GMT Oct 30
  • SUP 1: $393.00 - Low Oct 29
  • SUP 2: $389.56 - Trendline support drawn off the Aug 12 low
  • SUP 3: $383.19 - 38.2% retracement of the Aug 4 - Oct 27 rally
  • SUP 4: $381.63 - 50-day EMA

Corn futures maintain a bullish tone but have entered a corrective phase, having traded lower this week. The pullback is allowing a recent overbought condition to unwind and the 20-day EMA has been breached reinforcing the current S/T bearish risk. Attention is on trendline support at $389.56, drawn off the Aug 12 low. A break would expose a deeper sell-off. Key resistance and the trigger for a resumption of gains is at $422.25, Tuesday's high.

Energy BulletsCommodities
Energy BulletsCommodities

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