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(Z1) Corrective Cycle Still In Play

CORN TECHS
  • RES 4: $638.00 - High May 7 and the bull trigger
  • RES 3: $611.25/28.25 - High Jul 1 / High Jun 10
  • RES 2: $586.63 - 76.4% of the Jul 1 - 9 sell-off / 611.25 - High Jul 1
  • RES 1: $573.00 - High Jul 21
  • PRICE: $560.75 @ 13:44 BST Jul 23
  • 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

Recent Corn futures gains are considered corrective. However an extension is possible given that the contract has traded through short-term retracement levels. A stronger recovery would expose resistance at $611.25, Jul 1 high. On the downside, a reversal lower would instead strengthen a bearish case and refocus attention on 507.00, the Jul 9 low. A break would be bearish and leave 5.00 exposed.

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