SINGAPORE: CBOT March corn will correct to $6.26-1/2 per bushel, as suggested by a double-top pattern and a bearish divergence on the MACD indicator.
The head of the pattern is at $6.46-1/4 and the neckline is at $6.36. Measured by the price difference between the head and the neckline, the target of $6.26-1/2 has been established.
The pattern is likely to be confirmed as a bearish divergence formed the hourly MACD indicator.
A rise above $6.46-14 will confirm a double-top, with a bullish target at $6.56.
No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
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