SINGAPORE: CBOT May corn is expected to break a support at $7.27-1/4 per bushel and fall towards $7.06-3/4.
The consolidation over the past two days could have been driven by a wave b, the second wave of a three-wave cycle from the March 4 high of $7.82-3/4.
The current wave c is unfolding towards $7.06-3/4, its 100% projection level.
Resistance is at $7.42-1/2, a break above which could lead to a gain into $7.54-1/4 to $7.66 range.
On the daily chart, the big black candlestick on Wednesday has undermined the hammer forming on Tuesday. Another black candlestick may form on Thursday, which means a further drop of the price towards $7.15-1/4.
A break above $7.43-3/4, which is close to $7.42-1/2 (hourly chart), may lead to a gain to $7.61-1/4.
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.
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