CBOT corn may fall to $5.23-1/2
- On the daily chart, corn is riding on a wave 4, which is unfolding towards $5.25-1/4.
SINGAPORE: CBOT March corn may break a support at $5.31-1/2 per bushel and fall to $5.23-1/2, as suggested by its wave pattern and a retracement analysis.
The contract is riding on a wave C from $5.59-1/4. This wave is expected to travel far below $5.23-1/4, the starting point of the preceding wave B.
Before breaking the support, the contract may bounce moderately to $5.37.
On the daily chart, corn is riding on a wave 4, which is unfolding towards $5.25-1/4.
This wave is capable of travelling to $4.96-1/2. It may also end somewhere above this level. This target of $4.96-1/2 will only be available when corn breaks $5.25-1/4.
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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