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(Z1) Pulling Away From Recent Highs

CORN TECHS
  • 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 30
  • PRICE: $519.75 @ 13:44 BST Oct 13
  • 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 trading lower. The outlook remains bearish following the recent breach 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. The recovery between Sep 10 - 30 is considered corrective. 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.

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