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(Z1) Starting The Week On A Firm Note

CORN TECHS
  • RES 4: $628.25 - High Jun 10
  • RES 3: $611.25 - High Jul 1
  • RES 2: $594.25 - High Aug 12 and key resistance
  • RES 1: $582.00 - High Aug 13
  • PRICE: $574.75 14:14 GMT Nov 1
  • SUP 1: $537.94/497.50 - 50-day EMA / Low Sep 10 and 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 have started the week on a firm note, trading higher and extending the upleg from last week. Recent gains resulted in a break of $548.50, Sep 30 high. This suggests scope for a stronger short-term bounce towards $594.25, Aug 12 high. On the downside, a move back below the 50-day EMA at $537.94 would threaten the developing bullish theme and refocus attention on $497.50, Sep 10 low.

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