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(Z2) Consolidating Above Recent Lows

CORN TECHS
  • RES 4: $800.00 - Psychological round number
  • RES 3: $766.25 - High Apr 29 and the bull trigger
  • RES 2: $743.50 - High May 19
  • RES 1: $732.75 - High May 27
  • PRICE: $720.50 @ 13:44 BST Jun 14
  • SUP 1: $682.00 - Low Jun 6 and a key support
  • SUP 2: $653.25 - Low Mar 31
  • SUP 3: $631.00 - Low Mar 29
  • SUP 4: $600.00 - Round number support

Corn futures remain above recent lows. A key short-term support has been defined at $682.00, the Jun 6 low. Recent weakness appears to have been a correction and the recovery from the Jun 6 low is potentially a bullish reversal signal. Continued gains would open the 750.00 level and more importantly, $766.25, the May 16 high and a bull trigger. A move below $682.00 would instead confirm a resumption of recent bearish activity.

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