TECHS: Corn (Z0): Unwinding An Overbought Condition

• 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 - Intraday high
• PRICE: $405.50 @ 12:32 GMT Oct 29
• SUP 1: $399.56 - 20-day EMA
• SUP 2: $393.50 - Low Oct 15
• SUP 3: $387.25 - Low Oct 12
• SUP 4: $387.06 - Trendline support drawn off the Aug 12 low

Corn futures maintain a bullish tone but have entered a corrective phase. The pullback is allowing a recent overbought condition to unwind and potential is seen for a move below $400.00. Note the 20-day EMA is at $399.56 and reinforces the short-term importance of support around the $400.00 handle. A 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, yesterday's high.