CBOT corn may rise into $5.04-1/2 to $5.08-1/2 range
- The nearest resistance is at $5.04-1/2, the 800% level, which looks vulnerable and may be broken soon. Support is at $4.98, a break below which could cause a fall to $4.94.
SINGAPORE: CBOT March corn may rise into a range of $5.04-1/2 to $5.08-1/2 per bushel, as it has resumed its uptrend.
The sharp correction on Monday was quickly reversed. The reversal signals a very bullish sentiment. The bulls became wild.
A set of projection levels on the uptrend from $4.20-1/2 still works well. The ratios, however, are unbelievably exceptional.
The nearest resistance is at $5.04-1/2, the 800% level, which looks vulnerable and may be broken soon. Support is at $4.98, a break below which could cause a fall to $4.94.
On the daily chart, the contract seems to be surging towards $5.16-3/4, the 261.8% projection level of an uptrend from $3.69. Wave pattern suggests the progress of an extended wave 5, which shows no sign of completion yet.
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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