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(Z2) Trades Through Resistance

CORN TECHS
  • RES 4: $749.25 - High Jul 17 and a key resistance
  • RES 3: $705.50 - High Jun 22
  • RES 2: $658.50 - High Jul 11
  • RES 1: $647.50 - Intraday high
  • PRICE: $645.50 @ 13:44 BST Aug 23
  • SUP 1: $587.50/561.75 - Low Aug 3 / Low Jul 22 and key support
  • SUP 2: $549.00 - Low Jan 12
  • SUP 3: $539.25 - Low Dec 15 2021
  • SUP 4: $508.00 - Low Oct 13 2021

Corn futures are firmer and the contract has traded above the 50-day EMA and above resistance at $642.75, the Aug 12 high. The break strengthens a bullish condition and undermines the recent bearish focus. A continuation higher would open $658.25 next, the Jul 11 high. On the downside, key support has been defined at $561.75, the Jul 22 low. A break of this level would resume a bearish theme.

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