CBOT corn may retest support at $5.36-1/4
- Resistance is at $5.47-3/4, a break above which could lead to a gain to $5.52.
SINGAPORE: CBOT May corn may retest a support at $5.36-1/4 per bushel, a break below which could cause a fall to $5.29-1/4.
The deep drop from the Monday high of $5.56-1/4 signals a completion of the bounce from $5.29-1/4. The bounce may have been driven by wave (b), the second wave of a bigger wave C from $5.59-1/4.
This wave (b) will be reversed by the current wave (c).
Resistance is at $5.47-3/4, a break above which could lead to a gain to $5.52.
On the daily chart, corn failed twice to break a resistance at $5.58.
The failures suggest an extension of the correction from $5.72, towards $5.25-1/4. A break above $5.58 could confirm a continuation of the uptrend.
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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