(Z1) Outlook Remains Bearish

• RES 3: $628.25 - High Jun 10
• RES 2: $611.25 - High Jul 1
• RES 2: $594.25 - High Aug 12 and key resistance
• RES 1: $558.00 - High Aug 19
• PRICE: $539.00 @ 13:44 BST Oct 4
• 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 are unchanged and the outlook remains bearish. This theme follows the recent breach of $532.25, Jul 26 low and the subsequent sell-off that resulted in a move through $507.00, Jul 9 low and $500.25, May 26 low. Note too that moving average studies are in a bear mode. A resumption of weakness would open $494.00 next, a Fibonacci retracement. Clearance of $594.25 would reinstate a bullish theme. Initial firm resistance is $558.00.