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(Z3) Bearish Extension

CORN TECHS
  • RES 4: $637.25- High Oct 14 2022
  • RES 3: $629.75 - 21 and key resistance
  • RES 2: $600.75 - High Jun 26
  • RES 1: $572.25 - High Jul 24
  • PRICE: $514.00 @ 14:37 BST Jul 31
  • SUP 1: $502.00/481.00 - Low Jul 18 / 13 and key support
  • SUP 2: $476.00 - Low Jul 21 / Low Oct 13 2021
  • SUP 3: $462.50 - Low Sep 21 2021
  • SUP 4: $442.00 - Low Jul 6 2021

Corn futures are trading lower as the contract extends last week’s bear leg. Price has moved below the 50-day EMA, at 537.13. A continuation lower would expose $502.00, the Jul 18 low, and highlight a stronger bearish threat. Key short-term resistance has been defined at $572.25, the Jul 24 high. Clearance of this level is required to reinstate the recent bullish theme. Key support lies at $481.00, the Jul 13 low.

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