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(Z3) Bear Trend Remains Intact

CORN TECHS
  • RES 4: $637.25- High Oct 14 2022
  • RES 3: $634.75 - 76.4% of the Apr 27 ‘22 - May 18 downleg
  • RES 2: $600.75/629.75 - High Jun 26 / 21 and key resistance
  • RES 1: $536.19 - 50-day EMA
  • PRICE: $486.75 @ 13:44 BST Jul 13
  • SUP 1: $481.00 - Low Jul 13
  • SUP 2: $476.00 - Low Oct 13 2021
  • SUP 3: $462.50 - Low Sep 21 2021
  • SUP 4: $442.00 - Low Jul 6 2021

Corn futures are consolidating and remain soft. The contract traded lower yesterday and breached $485.50, the Jul 5 low. This marks an extension of the downleg that started on Jun 21. The break lower paves the way for weakness towards $476.00, the Oct 13 2021 low. A short-term bounce would be considered corrective - resistance to watch is at $536.19, the 50-day EMA. A clear break of this average would signal a reversal.

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