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(Z4) Bear Threat Remains Present

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: $496.75 - High May 15 and the bull trigger
  • PRICE: $467.25 @ 14:44 BST Jun 17
  • SUP 1: $458.25 Low Jun 6
  • SUP 2: $446.00 Low Feb 26 and the bear trigger
  • SUP 3: $431.50 - 1.50 proj of the May 15 - 17 - 28 price swing
  • SUP 4: $400.00 - Psychological round number

Corn futures traded lower recently and breached $476.25, the May 17 low. Key support to watch lies at $459.50, the Apr 18 / 19 low. It has been pierced, a clear break would strengthen a bearish theme and open $446.00, the Feb 26 low and a key medium-term support. For bulls, a stronger recovery would refocus attention on $496.75, the May 15 high.

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