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(Z3) Corrective Cycle Still In Play

CORN TECHS
  • RES 4: $629.75 - 21 and key resistance
  • RES 3: $600.75 - High Jun 26
  • RES 2: $572.25 - High Jul 24 and bull trigger
  • RES 1: $507.50/47.56 - High Aug 11 / 76.4% Jul 24 - Sep 19 bear leg
  • PRICE: $494.00 @ 14:34 BST Oct 9
  • SUP 1: $467.75/462.50 - Low Sep 19 / Low Sep 21 2021
  • SUP 2: $458.63 - 0.764 proj of the Jun 21 - Jul 13 - Jul 24 price swing
  • SUP 3: $442.00 - Low Jul 6 2021
  • SUP 4: $423.50 - 1.00 proj of the Jun 21 - Jul 13 - Jul 24 price swing

A bearish theme in Corn futures remains intact and recent gains appear to be a correction. The contract has breached the 50-day EMA - at $492.31. This does expose resistance at $507.50, the Aug 11 high. If cleared this would suggest scope for a stronger short-term recovery. On the downside, the bear trigger has been defined at $467.75, the Sep 19 low. A break would resume the downtrend and open $462.50, the Sep 21 2021 low.

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