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(Z2) Uptrend Remains Intact

  • RES 4: $766.25 - High May 16 and a key resistance
  • RES 3: $749.25 - High Jul 17 and a key resistance
  • RES 2: $705.50 - High Jun 22
  • RES 1: $699.50 - High Sep 12
  • PRICE: $672.50 @ 13:44 BST Sep 29
  • SUP 1: $654.00/604.00 - Low Sep 1 / 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 trend outlook in Corn futures is unchanged and remains bullish. The contract continues to trade above the 50-day EMA and maintains a bullish price sequence of higher highs and higher lows. The recent breach of a number of resistance levels strengthened the bullish case. This has opened $705.50, the Jun 22 high. Initial firm support lies at $654.00, Sep 1 low. A break would concern bears. The latest pullback is considered corrective.

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