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TECHS: Corn: (Z0) Unwinding A Recent Overbought Condition

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: $398.75 @ 11:24 GMT Oct 29
  • SUP 1: $397.25 - Intraday low
  • SUP 2: $393.50 - Low Oct 15
  • SUP 3: $388.31 - Trendline support drawn off the Aug 12 low
  • SUP 4: $380.94 - 50-day EMA

Corn futures maintain a bullish tone but have entered a corrective phase and sold off sharply yesterday. The pullback is allowing a recent overbought condition to unwind. Note the 20-day EMA at $399.75 has been breached and this reinforces the current short-term bearish risk. A clear break would open $393.50, Oct 15 low. On the upside, 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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