(Z1) Outlook Remains Bearish

• 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: $558.00/94.25 - High Aug 19 / High Aug 12
• PRICE: $520.75 @ 15:03 BST Sep 22
• SUP 1: $497.50 - Low Sep 10 and the 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 outlook remains bearish. This follows the recent break of $532.25, Jul 26 low and the subsequent sell-off that resulted in a move below $507.00, Jul 9 low and $500.25, May 26 low and a key support. Note too that moving average studies are in a bear mode. A resumption of weakness would open $494.00 next, a Fibonacci retracement For bulls, clearance of $594.25 would reinstate a bullish theme. Initial firm resistance is $558.00.