(Z1) Needle Points North

• 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: $600.00 - Round number resistance
• RES 1: $594.25 - High Aug 12
• PRICE: $568.75 @ 13:44 BST Aug 17
• SUP 1: $532.25 - Low Jul 26
• SUP 2: $507.00 - Low Jul 9
• SUP 3: $500.25 - Low May 26 and the bear trigger
• SUP 4: $481.50 - Low Apr 7

Corn futures rallied Aug 12, materially improving the short-term outlook as prices showed above the 76.4% Fib retracement at 586.63. Further gains would pave the way for strength towards $611.25 - the Jul 1 high and potentially $628.25, the Jun 10 high. Major resistance is at $638.00, May 7 high. For bears, a break of $532.25, Jul 26 low would expose the support at $507.00, Jull 9 low and $500.25, May 26 low. The latter is a key level.