(Z1) Under Pressure

• RES 4: $644.25 - 0.764 proj of Mar 30 - May 7 - May 26 price swing
• RES 3: $638.00 - High May 7 and the bull trigger
• RES 2: $628.25 - High Jun 10
• RES 1: $611.25 - High Jul 1
• PRICE: $539.75 @ 14:42 BST Jul 6
• SUP 1: $528.25 - Low Jun 30
• SUP 2: $514.25/500.25 - Low May 26 and key support / Low Jun 24
• SUP 3: $481.50 - Low Apr 7
• SUP 4: $449.50 - Low Mar 30

Corn futures are trading sharply lower. The rejection off the Jul 1 high of $611.25 brings to an end the recent recovery. Instead, a stronger bearish theme appears to be forming and attention shifts to the key support at $514.25, Jun 24 low and 500.25, May 26 low and key support. A break of this support zone would signal scope for a deeper pullback. On the upside, a break of $611.25, Jul 1 high is required to ease the current bearish threat.