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(Z2) Bearish Trend Structure

CORN TECHS
  • RES 4: $749.25 - High Jun 17
  • RES 3: $682.00 - High Jun 1
  • RES 2: $655.69 - 50-day EMA
  • RES 1: $623.75 - High Jul 18
  • PRICE: $577.25 @ 14:38 BST Jul 25
  • SUP 1: $561.75 - Low Jul 22
  • 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 and last week’s move lower confirmed a resumption of the downtrend. This maintains the bearish price sequence of lower lows and lower highs. Note too, that moving average studies are in a bear mode, highlighting current sentiment. The focus is on weakness towards $549.00, the Jan 12 low. On the upside, clearance of the 50-day EMA would be a bullish development.

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