Free Trial

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.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.