(Z1) Maintains A Firmer Tone

• 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.