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(Z2) Gains Proved Corrective

CORN TECHS
  • RES 4: $705.50 - High Jun 22
  • RES 3: $667.75 - High Jun 28
  • RES 2: $638.75 - 50-day EMA
  • RES 1: $630.00 - High Jul 29
  • PRICE: $596.00 @ 12:52 BST Aug 3
  • 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 corrective rally last week has faded, keeping the overarching trend direction down. The recent move lower confirmed a resumption of the downtrend. This maintains the bearish price sequence of lower lows and lower highs. Note that MA studies are in a bear mode, highlighting current sentiment. Short-term gains are considered corrective. A resumption of weakness would open $549.00, Jan 12 low. On the upside, clearance of the 50-day EMA, at $638.75, would alter the picture.

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