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(Z3) Bearish Threat Remains Present

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: $530.75/572.25 - 50-day EMA / High Jul 24 and bull trigger
  • PRICE: $495.25 @ 13:44 BST Aug 7
  • SUP 1: $481.00 - Low Jul 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 maintain a softer short-term tone and price is trading closer to last week’s lows. The latest move lower has cleared support at $502.00, the Jul 18 low, and highlights a stronger bearish threat, exposing key support at $481.00, the Jul 13 low. 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.

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