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(Z3) Bull Rally Extends

CORN TECHS
  • RES 4: $634.75 - 76.4% of the Apr 27 ‘22 - May 18 downleg
  • RES 3: $613.75 - High Dec 30 2022
  • RES 2: $607.25 - 61.8% of the Apr 27 ‘22 - May 18 downleg
  • RES 1: $598.75 - High Feb 6 and 14
  • PRICE: $589.25 @ 14:32 BST Jun 16
  • SUP 1: $549.75 - Low Jun 15
  • SUP 2: $520.25 - Low Jun 8 and a key near-term support
  • SUP 3: $490.25 - Low May 18 and the bear trigger
  • SUP 4: $476.00 - Low Oct 13 2021

Corn futures are trading sharply higher as this week’s strong bull cycle extends. The contract has cleared resistance at $576.25, the Mar 29 high and a key resistance. This reinforces bullish conditions and paves the way for a climb towards $598.75, the Feb 6 and 14 highs. The uptrend has entered overbought territory and may be an early warning that upside momentum will slow. A firm support is seen at $549.75, Thursday’s low.

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