(Z2) Bearish Threat Remains Present

• RES 4: $800.00 - Psychological round number
• RES 3: $766.25 - High Apr 29 and the bull trigger
• RES 2: $669.38/749.25 - 50-day EMA / High Jun 17
• RES 1: $658.50 - High Jul 11
• PRICE: $605.25 @ 13:44 BST Jul 15
• SUP 1: $566.50 - Low Jul 6 and the bear trigger
• SUP 2: $549.00 - Low Jan 12
• SUP 3: $539.25 - Low Dec 15 2021
• SUP 4: $508.00 - Low Oct 13 2021

The Corn futures trend direction is down, although for now, the contract remains in a corrective phase and price is still trading above the Jul 6 low. Firm resistance is seen at the 50-day EMA - the average intersects at $669.38. A break of $566.50, the Jul 7 low and bear trigger, would confirm a resumption of the downtrend and open $549.00, the Jan 12 low. Clearance of the 50-day EMA would be a bullish development.