SINGAPORE: CBOT March corn is expected to end the current neutral status on Monday and develop a short-term trend.
Since Feb. 16, the contract has been consolidating in a small triangle. With the price approaching the upper trendline of the pattern, the bias is with the bulls.
The confirmation of a short-term uptrend will need corn to stand above a resistance at $6.43-1/2, which would open the way for a further gain to $6.51.
But a drop below a minor support at $6.33 may not necessarily confirm a downtrend, as it may stop at $6.29 -- the support provided by the lower trendline of the triangle.
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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