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(Z2) Outlook Remains Bullish

  • RES 4: $843.75 - High Aug 2012 and a major resistance (cont)
  • RES 3: $800.00 - Psychological round number
  • RES 2: $766.25 - High Apr 29 and the bull trigger
  • RES 1: $749.50 - High Jun 17
  • PRICE: $711.00 @ 14:13 BST Jun 21
  • 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 have pulled back but remain above recent lows. A key short-term support has been defined at $682.00, Jun 6 low. Recent weakness appears to have been a correction and the recovery from the Jun 6 low is potentially an important reversal. A resumption of strength 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 resume recent bearish activity.

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