CBOT corn may rise into $7.01-3/4 to $7.08-1/4 range
- On the daily chart, the rise seems to be full of momentum and unstoppable.
SINGAPORE: CBOT May corn may break a resistance at $6.95 per bushel, and rise into $7.01-3/4 to $7.08-1/4 range.
The contract is due to expire soon. First notice day is April 30, before when, bulls seems to be trying to corner the market.
A projection analysis on the uptrend from $5.33-3/4 reveals a target zone of $7.12-1/4 to $7.19. Another projection analysis on the uptrend from $5.49-3/4 points at $7.23.
It is hard to guess where this crazy bulls run would end. Probably, it will stop with a sharp spike. Support is at $6.87-3/4, a break below which could cause a fall into $6.73-3/4 to $6.80-1/4.
On the daily chart, the rise seems to be full of momentum and unstoppable.
The contract may surge into $7.12-1/2 to $7.25-1/4 range.
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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