Markets
CBOT corn may rise into $3.29-1/4 to $3.31-1/2 range
- The contract failed twice to break a support at $3.22-1/2, the 223.6pc projection level of a downtrend from $3.55.
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SINGAPORE: CBOT September corn may break a resistance at $3.27-3/4 per bushel, and rise into a range of $3.29-1/4 to $3.31-1/2.
The contract failed twice to break a support at $3.22-1/2, the 223.6pc projection level of a downtrend from $3.55.
The failures signal the formation of a double-bottom.
The pattern indicates a rise towards $3.34-3/4. Support is at $3.26, a break below which could cause a fall to $3.23-3/4.
On the daily chart, a retracement analysis on the downtrend from $4.10 to $3.15-3/4 reveals a support at $3.22-1/4, the 7pc level.
Coincidentally, this support held corn twice as well.
Chances are the contract may rise towards the July 17 high of $3.34-3/4.
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