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(Z3) Short-Term Gains Considered Corrective

CORN TECHS
  • RES 4: $637.25- High Oct 14 2022
  • RES 3: $629.75 - 21 and key resistance
  • RES 2: $600.75 - High Jun 26
  • RES 1: $493.31/572.25 - 50-day EMA / High Jul 24 and bull trigger
  • PRICE: $487.75 @ 13:44 BST Sep 29
  • SUP 1: $462.50 - 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. The contract last week traded through support at $473.50, the Aug 16 and Sep 12 low. The break marks the end of a recent period of consolidation and highlights a resumption of the downtrend - despite the latest recovery which appears to be a correction. The focus is on $462.50, the Sep 21 2021 low. Initial firm resistance is at $493.50, the 50-day EMA. Short-term gains are considered corrective.

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