CBOT corn may gain more into $6.61-3/4 to $6.74-3/4 range
SINGAPORE: CBOT March corn, as it has broken a key resistance at $6.40-3/4 per bushel.
The uptrend is riding on wave (c) which may have ended around $6.40-3/4 if it stopped around this resistance. The break confirmed the extension of this wave into $6.61-3/4 to $6.74-3/4 range.
The depth of the correction from the Jan. 31 high of $6.42-1/2 also suggests a target of $6.74-3/4.
A fall from the current level will be regarded as a pullback to $6.40-3/4, now a strong support.
On the daily chart, another projection analysis reveals a resistance at $6.49-1/4, which looks vulnerable in terms of the strong bullish momentum accumulated on Wednesday.
From a longer perspective, the uptrend from $3.67 has resumed, as corn has climbed above $6.40-1/2.
The trend may extend far above $6.40-1/2, based on the depth of the correction from this level.
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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