CBOT corn may rise into $5.46-1/2 to $5.51-3/4 range
- A realistic target will be $5.46-1/2 or $5.51-3/4. Support is at $5.30-3/4.
SINGAPORE: CBOT March corn may break a resistance at $5.38-1/2 per bushel and rise into $5.46-1/2 to $5.51-3/4 range, as the uptrend has resumed.
The sharp correction triggered by this resistance has been almost reversed.
The reversal apparently indicates a resumption of the uptrend. Based on the depth of the correction, corn may rise to $5.91.
A realistic target will be $5.46-1/2 or $5.51-3/4. Support is at $5.30-3/4, a break below which could cause a fall to $5.25.
On the hourly chart, the rise from $5.08 looks exceptionally sharp. It looks doubtful if this rise could maintain its momentum.
A possible correction may occur around $5.40-1/4, the 161.8% projection level of a wave 3.
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.