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(Z1) Key Support Zone Exposed

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: $628.25 - High Jun 10
  • RES 1: $611.25 - High Jul 1
  • PRICE: $526.50 @ 13:21 BST Jul 8
  • SUP 1: $514.25 - Low Jun 24
  • SUP 2: $500.25 - Low May 26
  • SUP 3: $481.50 - Low Apr 7
  • SUP 4: $449.50 - Low Mar 30

Corn futures remain weak. The rejection off the Jul 1 high of $611.25 brings to an end the recent recovery. Instead, a stronger bearish theme appears to be forming and attention shifts to the key support at $514.25, Jun 24 low and 500.25, May 26 low. A break of this support zone would signal scope for a deeper pullback. On the upside, a break of $611.25, Jul 1 high is required to ease the current bearish threat.

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