Technical Update for July CornCorn (July)
Technicals: July corn futures were able to chew through significant resistance during yesterday’s session, which has opened the door for an extension towards our next resistance pocket, 769-773. This pocket represents the lower high from the end of May, as well as the 50-day moving average. If the Bulls can keep the momentum going and chew through this resistance pocket, a retest of the psychologically significant $8.00 handle wouldn’t be out of the question.
Bias: Neutral
Previous Session Bias: Neutral/Bearish
Resistance: 769-773 ½***, 789 ½-790 ½**, 800-803 ¾**
Support: 747-753****, 729-733**, 716-720 ½****
