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(Z4) Southbound

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: $433.25 @ 13:44 BST Jun 28
  • SUP 1: $433.00 - Low Jun 27
  • SUP 2: $431.50 - 3.00 proj of the May 15 - 17 - 28 price swing
  • SUP 3: $418.81 - 3.618 proj of the May 15 - 17 - 28 price swing
  • SUP 4: $400.00 - Psychological round number

Corn futures remain in a clear downtrend. The contract recently breached $458.25, the Jun 6 low. The break strengthened a bearish theme and opened $446.00, the Feb 26 low and a key medium-term support. This former support has also been cleared, strengthening the bearish theme. Sights are on 431.50, a Fibonacci projection. Initial key resistance is at $478.00, the Jun 14 high.

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