Free Trial

(Z4) Trend Condition Remains Bearish

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: $449.13 - 20-day EMA
  • PRICE: $418.25 @ 14:35 BST Jul 3
  • SUP 1: $408.50 - 2.00 proj of the May 28 - Jun 6 - 14 price swing
  • 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 Friday’s impulsive sell-off reinforces the current bearish theme. The contract recently breached $446.00, the Feb 26 low and a key medium-term support, further strengthening the bearish theme. Sights are on $408.50, a Fibonacci projection. Initial key resistance is at $449.13, the 20-day EMA. Short-term gains would be considered corrective.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.