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(Z0) Trading Below Recent Highs

CORN TECHS
  • RES 4: $432.25 - Jul 22, 2019 (cont)
  • RES 3: $430.50 - High Jul 24, 2019 (cont)
  • RES 2: $425.56 - 76.4% of the Jun 2019 - Apr downtrend
  • RES 1: $422.25 - High Oct 27, Nov 5 and the bull trigger
  • PRICE: $418.25 @ 12:21 GMT Nov 10
  • SUP 1: $405.31 - Trendline support drawn off the Aug 12 low
  • SUP 2: $393.94 - 50-day EMA
  • SUP 3: $393.00 - Low Oct 29 and Nov 2
  • SUP 4: $383.19 - 38.2% retracement of the Aug 4 - Oct 27 rally

Corn futures remain in a corrective phase, despite the recent recovery. The sell-off that started off the Oct 27 high has allowed an overbought condition to unwind. Note, the 20-day EMA has recently been breached reinforcing a potential S/T bearish risk. Attention is on trendline support at $397.00, drawn off the Aug 12 low. A break would expose a deeper sell-off. Key resistance and the trigger for a resumption of gains remains $422.25.

Energy BulletsCommodities
Energy BulletsCommodities

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