(Z1) Attention Is On Support

• RES 4: $644.25 - 0.764 proj of Mar 30 - May 7 - May 26 price swing
• RES 3: $638.00 - High May 7 and the bull trigger
• RES 2: $628.25 - High Jun 10
• RES 1: $550.00 - 20-day EMA / 611.25 - High Jul 1
• PRICE: $536.50 @ 13:44 BST Jul 13
• SUP 1: $507.00 - Low Jul 9
• SUP 2: $500.25 - Low May 26 and the bear trigger
• SUP 3: $481.50 - Low Apr 7
• SUP 4: $449.50 - Low Mar 30

Corn futures maintain a weaker tone despite yesterday's gains. The rejection off the Jul 1 high of $611.25 brought to an end a recent recovery. Instead, a stronger bearish theme appears to be forming and attention is on key support at 500.25, May 26 low with $514.25, Jun 24 low breached. A break of this support would signal scope for a deeper pullback. On the upside, clearance of $611.25, Jul 1 high is required to ease the current bearish threat.