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(Z1) Extending Recent Gains

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: $611.25/28.25 - High Jul 1 / High Jun 10
  • RES 1: $586.63 - 76.4% of the Jul 1 - 9 sell-off / 611.25 - High Jul 1
  • PRICE: $571.\50 @ 13:35 BST Jul 21
  • 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

Corn futures are firmer today and maintain the recovery that started Jul 9. These gains are considered corrective however an extension is possible as the contract trades 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 refocus attention on 507.00, the Jul 9 low. A break would be bearish.

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