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(Z3) Recovery Underway

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: $578.87 - 200-dma
  • RES 1: $563.75 - High Jul 20
  • PRICE: $533.75 @ 12:22 BST Jul 21
  • SUP 1: $481.00 - Low Jul 13
  • 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 off the mid-week highs, leaving the 200-dma resistance above at 578.87 intact for now. Nonetheless, the break and close above the 50-day EMA signals a possible reversal higher and targets 563.75 initially ahead of key resistance at 629.75.

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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