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(Z1) Corrective Pullback

CORN TECHS
  • RES 4: $628.25 - High Jun 10
  • RES 3: $611.25 - High Jul 1
  • RES 2: $594.25 - High Aug 12 and key resistance
  • RES 1: $586.00 - High Nov 2
  • PRICE: $558.00 14:13 GMT Nov 5
  • SUP 1: $542.44/497.50 - 50-day EMA / Low Sep 10 and 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 traded higher earlier this week, extending the recent strong rally. The outlook remains bullish despite the current retracement. Recent gains resulted in a break of $548.50, Sep 30 high. This, together with a bullish moving average set-up, suggests scope for a stronger S/T recovery towards $594.25, Aug 12 high. On the downside, a move below the 50-day EMA at $542.44 would threaten the developing bullish theme and open $497.50.

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