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(Z1) Bearish Theme

CORN TECHS
  • 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: $586.25 - High Jun 15
  • PRICE: $535.50 @ 13:44 BST Jun 23
  • SUP 1: $530.50 - Low Jun 17
  • SUP 2: $500.25 - Low May 26 and key support
  • SUP 3: $481.50 - Low Apr 7
  • SUP 4: $449.50 - Low Mar 30

Corn futures outlook remains bearish following last week's sharp sell-off. The move lower resulted in a break of both the 20- and 50-day EMAs. A clear breach of these averages strengthens the current bearish case and signals scope for a deeper retracement. An extension lower would open $500.25, the May 26 low and a key support. On the upside, initial resistance is seen at $586.25, Jun 15 high.

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