SINGAPORE: CBOT May corn may continue to hover below a resistance at $3.92 per bushel or retrace to a support at $3.86-1/4, as suggested by a projection analysis and a trendline.
The resistance is identified as the 86.4 percent projection level of an upward wave C from $3.72. Working together with the resistance is another one established by the falling trendline.
Corn failed twice to overcome the barrier at $3.92. The two failures have led to the formation of a tiny double-top. Unless corn could break above $3.92 soon, it is more likely to fall towards $3.86-1/4.
A break above $3.92 will open the way towards $3.95-1/4.
No information in this analysis should be considered as being business, financial or legal advice. 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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