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(Z1) Bearish Theme Intact

CORN TECHS
  • RES 4: $638.00 - High May 7 and the bull trigger
  • RES 3: $628.25 - High Jun 10
  • RES 2: $611.25 - High Jul 1
  • RES 1: $558.00/94.25 - High Aug 19 / High Aug 12
  • PRICE: $517.75 @ 13:44 BST Sep 14
  • SUP 1: $497.50 - Low Sep 10
  • SUP 2: $494.00 - 76.4% retracement of the Mar 30 - May 7 rally
  • SUP 3: $481.50 - Low Apr 7
  • SUP 4: $449.50 - Low Mar 30

Corn futures remain weak following the recent breach of $532.25, Jul 26 low and and the subsequent sell-off that resulted in a breach of $507.00, Jul 9 low. Note too that $500.25, May 26 low and a key support has been probed. A clear break would open $494.00 next, a Fibonacci retracement For bulls, clearance of $594.25 would reinstate a bullish theme. Initial firm resistance is $558.00.

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