Free Trial

(Z1) Consolidation Mode

CORN TECHS
  • RES 3: $628.25 - High Jun 10
  • RES 2: $611.25 - High Jul 1
  • RES 2: $594.25 - High Aug 12 and key resistance
  • RES 1: $558.00 - High Aug 19
  • PRICE: $534.25 @ 13:44 BST Oct 7
  • SUP 1: $497.50 - Low Sep 10 and the bear trigger
  • 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 continue to consolidate. The outlook remains bearish following the recent breach of $532.25, Jul 26 low and the subsequent sell-off that resulted in a move through $507.00, Jul 9 low and $500.25, May 26 low. Note too that moving average studies are in a bear mode. A resumption of weakness would open $494.00 next, a Fibonacci retracement. Clearance of $594.25 would reinstate a bullish theme. Initial firm resistance is $558.00.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.