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(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.

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  • 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.