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(Z1) Trades Through The 20-Day EMA

CORN TECHS
  • RES 4: $688.75 - 1.00 proj of Mar 30 - May 7 - May 26 price swing
  • RES 3: $644.25 - 0.764 proj of Mar 30 - May 7 - May 26 price swing
  • RES 2: $638.00 - High May 7 and the bull trigger
  • RES 1: $628.25 - High Jun 10
  • PRICE: $575.25 @ 13:44 BST Jun 14
  • SUP 1: $552.25 - 50-day EMA
  • SUP 2: $500.25 - Low May 26 and key support
  • SUP 3: $481.50 - Low Apr 7
  • SUP 4: $449.50 - Low Mar 30

Corn futures have started the week on a softer note extending the pullback from last week's high of $628.25 on Jun 10.The pullback has resulted in a move below the 20-day EMA at $578.94. This signals scope for a deeper pullback towards the 50-day EMA at $552.25. The 50-day EMA represents an important area of support. On the upside, a break above $628.25 is required to expose the bull trigger at $638.00, May 7 high.

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