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(Z4) Bearish Trend Condition

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: $434.00 - 50-day EMA
  • PRICE: $395.75 @ 14:45 BST Aug 1
  • SUP 1: $395.25 - 2.50 proj of the May 28 - Jun 6 - 14 price swing
  • SUP 2: $387.00 - 2.618 proj of the May 28 - Jun 6 - 14 price swing
  • SUP 3: $373.75 - 3.00 proj of the May 28 - Jun 6 - 14 price swing
  • SUP 4: $360.50 - 3.382 proj of the May 28 - Jun 6 - 14 price swing

Corn futures remain in a clear downtrend and recent weakness reinforces the current bearish theme. The contract has again today traded to a fresh cycle low, confirming a resumption of the primary downtrend. The $400.00 psychological handle has been cleared. This opens $387.00, a Fibonacci projection. Initial key resistance is at $434.00, the 50-day EMA. Short-term gains would be considered corrective.

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