CBOT corn still targets $6.34-1/4 a bushel

SINGAPORE: A bearish target at $6.34-1/4 per bushel is unchanged for CBOT March corn as the bullish momentum has faded.

Over the past few trading sessions, the contract failed to touch new highs, remaining sideways below the Feb. 1 high of $6.50 and unable to confirm the preceding uptrend that began from the Jan. 18 low of $5.92-1/2.

Wave pattern on the hourly chart indicates a downward wave "c" is yet to drive the price to $6.34-1/4, the wave "a" trough.

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