Corn Tests and Holds Our Rare 4-Star Support Pocket | Grain Express 4/26/23
Posted: April 26, 2023, 7:37 a.m.
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Technicals (July)
Corn futures traded to our rare 4-star support pocket yesterday, which we've had defined as 595-601. This pocket is both psychologically and technically significant, representing the low end of the range from March, the gap from July 26th, and trendline support from the July 22nd low. From a risk/reward perspective, we feel this are represents a tradable opportunity to the buy-side, whether that be short covering or initiating a long position. The risk is well defined on the chart, a break and close below our support pocket would neutralize our bias. On the resistance side of things, 624-628 would be the first objective. This pocket represents the 50% retracement from the move lower, as well as the 50-day moving average.
Bias: Bullish
Previous Session Bias: Neutral/Bullish
Resistance: 624-628***, 682 1/2-686****
Pivot: 615 3/4-618
Support: 595-601****, 574 1/4-578***
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WheatSeasonal Trend in Play
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