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(Z1) Maintains A Firmer Tone

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: $568.75 - High Oct 28
  • PRICE: $563..25 13:44 BST Oct 29
  • SUP 1: $536.69/497.50 - 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 have rallied higher this week and in the process cleared resistance at $548.50, Sep 30 high. This has removed a recent bearish focus and instead, the break higher suggests scope for a stronger short-term bounce towards resistance at $594.25, Aug 12 high. On the downside, a move back below the 50-day EMA at $536.69 would threaten the developing bullish theme and refocus attention on $497.50, the Sep 10 low.

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