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(Z3) Bull Rally Extends

CORN TECHS
  • RES 4: $598.75 - High Feb 6 and 14
  • RES 3: $576.25 - High Mar 29 and a key resistance
  • RES 2: $571.25 - High Apr 19
  • RES 1: $563.00 - High Jun 15
  • PRICE: $561.00 @ 13:44 BST Jun 44
  • SUP 1: $520.25 - Low Jun 8 and a key near-term support
  • SUP 2: $490.25 - Low May 18 and the bear trigger
  • SUP 3: $476.00 - Low Oct 13 20201
  • SUP 4: $462.50 - Low Sep 21 2021

Corn futures have recently traded above the 20- and 50-day EMAs. The move above the 50-day average strengthens current bullish conditions and this week’s extension has confirmed a resumption of the bull cycle that started on May 18. The focus is on $571.25, the Apr 19 high. On the downside, initial key support has been defined at $520.25, the Jun 8 low. A break of this level would signal a bearish reversal.

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