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(Z3) Trend Needle Points South

CORN TECHS
  • RES 4: $600.75 - High Jun 26
  • RES 3: $572.25 - High Jul 24 and bull trigger
  • RES 2: $547.56 - 76.4% retracement of the Jul 24 - Sep 19 bear leg
  • RES 1: $509.50/20.00 - High Oct 20 / 50% of Jul 24 - Sep 19 bear leg
  • PRICE: $475.75 @ 14:41 GMT Nov 14
  • SUP 1: $461.00 - Low Nov 13
  • 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 and recent weakness reinforces this theme. Key support and the bear trigger at $467.75, the Sep 19 low, has been breached. The clear break of this level has confirmed a resumption of the downtrend and opens $458.63, a Fibonacci projection. Key resistance has been defined at $509.50, the Oct 20 high. A break of this level is required to signal a short-term reversal.

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