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(Z1) Gains Considered Corrective

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: $548.50 - High Sep 30
  • PRICE: $541.50 13:44 BST Oct 27
  • 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

The Corn futures outlook remains bearish despite recent gains. MA studies are in a bear mode suggesting the recent climb is likely corrective. However, there is a firm support at $500.25 that needs to be cleared to reinforce a bearish theme and also bring to an end a mostly sideways move since early May. This would open $494.00 initially, a Fibonacci retracement. The bear trigger is $497.50, Sep 10 low. Firm resistance is at $548.50.

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