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(Z1) Intraday Rallies Falter Ahead of Resistance

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: $548.00 @ 12:38 BST Aug 10
  • 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 broadly mid-range and remain below $573.00, Jul 21 high, even on intraday rallies. A bearish theme remains intact and the focus is on support at $507.00, Jul 9 low and $500.25, May 26 low. Clearance of these levels would confirm a resumption of the move lower that started May 7 and would signal scope for a sell-off to $481.50, the Apr 7 low. For bulls, clearance of $573.00 would instead open $611.25, Jul 1 high.

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