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(Z4) Bear Trend Remains Intact

CORN TECHS
  • RES 4: $519.75 - High Nov 15 ‘23
  • RES 3: $510.25 - High Dec 26 ‘23
  • RES 2: $478.00/496.75 - High Jun 14 / High May 15 and bull trigger
  • RES 1: $428.25 - 20-day EMA
  • PRICE: $406.34 @ 14:52 BST Jul 16
  • SUP 1: $403.00 - Low Jul 12
  • SUP 2: $400.00 - Psychological round number
  • SUP 3: $387.00 - 2.618 proj of the May 28 - Jun 6 - 14 price swing
  • SUP 4: $373.75 - 3.00 proj of the May 28 - Jun 6 - 14 price swing

Corn futures remain in a clear downtrend and last week’s move lower reinforces the current bearish theme. The contract traded to a fresh cycle low, confirming a resumption of the primary downtrend. Sights are on the $400.00 psychological handle next. Initial key resistance is at $428.25, the 20-day EMA. Short-term gains would be considered corrective. A recovery would allow an oversold condition to unwind.

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