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.
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