(Z3) Trend Outlook Remains Bearish

• 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: $478.75 @ 14:27 BST Oct 31
• SUP 1: $467.75/462.50 - Low Sep 19 / 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 and recent gains appear to have been a correction. Resistance at $507.50, the Aug 11 high, has recently been pierced. A clear break would suggest scope for a stronger correction, towards $520.00, a Fibonacci retracement. On the downside, the bear trigger is at $467.75, the Sep 19 low. Clearance of this level would confirm a resumption of the downtrend and open $462.50, Sep 21 2021 low.