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(Z1) Needle Points South

CORN TECHS
  • RES 4: $638.00 - High May 7 and the bull trigger
  • RES 3: $628.25 - High Jun 10
  • RES 2: $611.25 - High Jul 1
  • RES 1: $563.50/94.25 - High Aug 19 / High Aug 12
  • PRICE: $537 75 @ 13:11 BST Aug 24
  • SUP 1: $529.50 - Low Aug 23
  • 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 are trading near recent lows. Price recently stalled at $594.25, Aug 12 high and attention is on $532.25, Jul 26 low that was tested yesterday. A clear break would expose the support at $507.00, Jul 9 low and $500.25, May 26 low. The latter is a key level. For bulls, clearance of $594.25 is required to reinstate a bullish theme. This would open $611.25, Jul 1 high and $628.25, Jun 10 high. Major resistance is at $638.00, May 7 high.

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