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(Z3) Pullback Considered Corrective

CORN TECHS
  • RES 4: $661.50 - High Jun 17
  • RES 3: $637.25- High Oct 14 2022
  • RES 2: $634.75 - 76.4% of the Apr 27 ‘22 - May 18 downleg
  • RES 1: $629.75 - High Jun 20
  • PRICE: $565.75 @ 13:44 BST Jun 27
  • SUP 1: $552.63 - 50-day EMA
  • 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 have recently traded sharply higher. Note that the short-term condition is overbought and the latest pullback appears to be a (sharp) correction that is allowing the overbought condition to unwind. For bulls, scope is seen for a climb towards $634.75, 76.4% of the Apr 27 2022 - May 18 downleg. Firm support to watch is seen at $552.63 the 50-day EMA. A clear break of this average is required to alter the picture.

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