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(Z3) Recovery Mode

CORN TECHS
  • RES 4: $637.25- High Oct 14 2022
  • RES 3: $600.75/629.75 - High Jun 26 / 21 and key resistance
  • RES 2: $573.94 - 200-dma
  • RES 1: $566.00 - Intraday high
  • PRICE: $554.50 @ 14:43 BST Jul 24
  • SUP 1: $481.00 - Low Jul 13 and key support
  • SUP 2: $476.00 - Low Oct 13 2021
  • SUP 3: $462.50 - Low Sep 21 2021
  • SUP 4: $442.00 - Low Jul 6 2021

A recovery is underway in Corn futures, with prices rallying over 15% off the recent low. Prices have faded from recent highs, leaving the 200-dma resistance above at 573.94 intact for now. Nonetheless, the break and close above the 50-day EMA signals a possible stronger reversal with attention on the 200-dma. Key support has been defined at $481.00, the Jul 13 low. A break of this level would reinstate a bearish theme.

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