(Z2) Bearish Theme Intact

• RES 4: $843.75 - High Aug 2012 and a major resistance (cont)
• RES 3: $800.00 - Psychological round number
• RES 2: $766.25 - High Apr 29 and the bull trigger
• RES 1: $704.44/749.25 - 50-day EMA / High Jun 17
• PRICE: $659.50 @ 13:44 BST Jun 29
• SUP 1: $644.25 - Low Jun 27
• SUP 2: $631.00 - Low Mar 29
• SUP 3: $600.00 - Round number support
• SUP 4: $577.25 - Low Feb 25

Corn futures traded lower last Thursday and this resulted in a break of key support at $682.00, the Jun 6 low and a bear trigger. The break lower ends the recent bullish theme and instead strengthens a bearish threat and signals scope for a deeper pullback. This has opened $631.00 next, the Mar 29 low. On the upside, key short-term resistance has been defined at $749.25, Jun 7 high.