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(Z3) Sights Are On The 200-DMA

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: $573.63 - 200-dma
  • RES 1: $572.00 - Intraday high
  • PRICE: $559.00 @ 14:40 BST Jul 25
  • SUP 1: $531.25/481.00 - Low Jul 13 and key support
  • SUP 2: $476.00 - Low Jul 21 / 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. Attention is on the 200-dma at 573.63 and represents a key resistance. The recent break and close above the 50-day EMA signals a possible stronger reversal. Clearance of the 200-dma would reinforce a bullish theme. Key support has been defined at $481.00, the Jul 13 low. Initial firm support lies at $531.25, the Jul 21 low.

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