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(Z3) Pierces Key Support

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: $547.00 - 50-day EMA
  • PRICE: $490.75 @ 15:28 BST Jul 5
  • SUP 1: $488.75 - Low Jul 3
  • 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 traded sharply lower Friday and remain soft. Monday’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 $547.00, the 50-day EMA.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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