SINGAPORE: CBOT corn may extend its gains to $5.81-1/2 per bushel, only if it could maintain above a support at $5.73-1/4.
The rise on Monday represents a flat consolidation in the range of $5.68-1/4 to $5.81-1/2. Trending signal may turn clearer when corn gets out of this narrow range.
This rise made a double-top invalid. Whether the short uptrend from $5.47-3/4 has resumed is subject to further observation.
A break below $5.73-1/4 could be followed by a drop to $5.68-1/4. On the daily chart, a projection analysis marks a wider range of $5.65-1/2 to $5.85-3/4.
A break above $5.85-3/4 could pave the way towards $6.40 while a break below $5.65-1/2 may trigger a drop towards $5.47-3/4.
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.
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