CBOT corn may rise into $5.60-1/4 to $5.63-1/4 range
- Support is at $5.50-3/4, a break below which could cause a fall into $5.40-1/4 to $5.43-1/4 range. On the daily chart, the contract is rising towards a zone of $5.60 to $5.73-1/4.
SINGAPORE: CBOT March corn may break a resistance at $5.55-1/2 per bushel, and rise into a range of $5.60-1/4 to $5.63-1/4.
The contract is riding on a wave (5), the fifth wave of a five-wave cycle from $4.92-1/2. Based on the depth of the preceding wave (4), the wave (5) could travel far above $5.60-1/4, the 261.8% projection level of the uptrend from $5.08.
Support is at $5.50-3/4, a break below which could cause a fall into $5.40-1/4 to $5.43-1/4 range. On the daily chart, the contract is rising towards a zone of $5.60 to $5.73-1/4.
The depth of the from the Jan. 13 suggests a target around $5.73-1/4 as well.
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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