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(Z3) Bears Pause For Breath

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: $538.31 - 50-day EMA
  • PRICE: $502.25 @ 14:34 BST Jul 12
  • SUP 1: $485.50 - Low Jul 5
  • 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. Last week’s move lower resulted in a print below key support at $490.75, the May 18 low. A clear break of this level would strengthen bearish conditions and signal scope for weakness towards $476.00, the Oct 13 2021 low. The impulsive nature of the latest sell-off means that the trend condition is oversold. A bounce would be considered corrective - resistance is at $538.31, the 50-day EMA.

Energy BulletsCommodities
Energy BulletsCommodities

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