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(Z3) Trend Needle Continues To Point South

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: $512.31/572.25 - 50-day EMA / High Jul 24 and bull trigger
  • PRICE: $488.50 @ 13:44 BST Aug 25
  • 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

Corn futures remain bearish and the recent recovery is considered corrective. Price initially traded lower last week, breaching key support at $481.00, the Jul 13 low. The break confirms an important bearish development and signals scope for a continuation of the current bear cycle. This opens $462.50, the Sep 21 2021 low. Key short-term resistance has been defined at $572.25, Jul 24 high. Clearance of this level is required to reinstate a bullish theme.

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