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(Z4) Approaching Key Support

CORN TECHS
  • RES 4: $527.75 - High Oct 20
  • RES 3: $519.75 - High Nov 15 ‘23
  • RES 2: $510.25 - High Dec 26 ‘23
  • RES 1: $478.00/496.75 - High Jun 14 / High May 15 and bull trigger
  • PRICE: $448.50 @ 14:30 BST Jun 24
  • SUP 1: $448.25 - Intraday low
  • SUP 2: $446.00 - Low Feb 26 and the bear trigger
  • SUP 3: $431.50 - 3.00 proj of the May 15 - 17 - 28 price swing
  • SUP 4: $400.00 - Psychological round number

Corn futures continue to head south. The contract has breached $458.25, the Jun 6 low. The break strengthens a bearish theme and opens $446.00, the Feb 26 low and a key medium-term support. For bulls, a strong reversal would refocus attention on $496.75, the May 15 high. Clearance of this level would reinstate a medium-term bullish theme. Initial firm resistance is at $478.00, the Jun 14 high.

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