CBOT corn may test resistance at $6.93
- A break below $6.76-1/4 could open the way towards $6.49.
SINGAPORE: CBOT May corn may test a resistance at $6.93 per bushel, a break above which could lead to a gain to $7.07-1/4.
The contract has stabilised around a support at $6.76-1/4. The stabilisation suggests the completion of the first part of the correction from $7.20-1/2.
The second part, driven by a wave b, is developing towards $7.07-1/4. It must be noted that this wave b may travel to $7.20-1/2.
A break below $6.76-1/4 could open the way towards $6.49.
On the daily chart, the long-shadowed shooting star on Tuesday marks the start of a correction which may last a few days.
Most likely, this correction will be confined in the range of $6.72-1/4 to $7.25-1/4.
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.
Comments
Comments are closed for this article.