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(Z2) Corrective Pullback

CORN TECHS
  • RES 4: $700.00 - Round number resistance
  • RES 3: $766.25 - High May 16 and a key resistance
  • RES 2: $749.25 - High Jul 17 and a key resistance
  • RES 1: $718.00 - 76.4% retracement of the May 16 - Jul 22 bear leg
  • PRICE: $679.50 @ 13:44 BST Oct 24
  • SUP 1: $661.50/604.00 - Low Sep 28 / Low Aug 18
  • SUP 2: $587.50/561.75 - Low Aug 3 / Low Jul 22 and key support
  • SUP 3: $549.00 - Low Jan 12
  • SUP 4: $539.25 - Low Dec 15 2021

The recent pullback in Corn futures is considered corrective. The trend outlook remains bullish - the Oct 10 break of resistance at 699.50, Sep 12 high, confirmed a resumption of the uptrend. This maintains the bullish price sequence of higher highs and higher lows and paves the way for a climb towards $749.25, the Jun 17 high. Key short-term support has been defined at $661.50, the Sep 28 low.

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  • RES 4: $700.00 - Round number resistance
  • RES 3: $766.25 - High May 16 and a key resistance
  • RES 2: $749.25 - High Jul 17 and a key resistance
  • RES 1: $718.00 - 76.4% retracement of the May 16 - Jul 22 bear leg
  • PRICE: $679.50 @ 13:44 BST Oct 24
  • SUP 1: $661.50/604.00 - Low Sep 28 / Low Aug 18
  • SUP 2: $587.50/561.75 - Low Aug 3 / Low Jul 22 and key support
  • SUP 3: $549.00 - Low Jan 12
  • SUP 4: $539.25 - Low Dec 15 2021

The recent pullback in Corn futures is considered corrective. The trend outlook remains bullish - the Oct 10 break of resistance at 699.50, Sep 12 high, confirmed a resumption of the uptrend. This maintains the bullish price sequence of higher highs and higher lows and paves the way for a climb towards $749.25, the Jun 17 high. Key short-term support has been defined at $661.50, the Sep 28 low.