CBOT corn may edge up to $4.27
- The current wave count will have to be reviewed. A break below the support at $4.20-1/4 could open the way towards $4.14-1/2.
SINGAPORE: CBOT March corn may edge up to a resistance at $4.27 per bushel and end its rise around this level.
The rise on Monday is classified as an extension of a wave b from the Dec. 2 low of $4.14-1/2 per bushel. This wave is expected to be reversed by a downward wave c.
A break above $4.27 could lead to a gain into $4.29-3/4 to $4.33-1/2 range.
The current wave count will have to be reviewed. A break below the support at $4.20-1/4 could open the way towards $4.14-1/2.
On the daily chart, corn has broken a rising trendline. The break signals a reversal of the uptrend from $3.31-1/2.
The support at $4.14 held twice, but may be broken under the third attack by bears. A rise above the Dec. 3 high of $4.27-1/2 could signal a continuation of the uptrend.
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.
Comments
Comments are closed for this article.