CBOT corn may test support at $5.65-1/4
- The failure indicates a completion of the bounce from $5.07. A break above $5.82-1/4, however, would suggest an extension of the uptrend towards $5.98-1/4
SINGAPORE: CBOT corn may test a support at $5.65-1/4 per bushel, a break below which could cause a fall to $5.57-1/4.
The contract failed to break a falling trendline. It may retreat towards $5.57-1/4 to $5.65-1/4 range, or at least hover below a resistance at $5.82-1/2.
The failure indicates a completion of the bounce from $5.07. A break above $5.82-1/4, however, would suggest an extension of the uptrend towards $5.98-1/4.
CBOT corn may test support at $5.65-1/4
On the daily chart, corn is still consolidating within a wedge.
There might be a total of five waves making up the wedge.
A rise above the Aug. 13 high of $5.82 may be extended to $5.95-1/2.
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.