CBOT corn may test resistance at $5.56-1/4
- A break below $5.43 could be followed by a drop towards $5.25-1/4.
SINGAPORE: CBOT May corn may test a resistance at $5.56-1/4 per bushel, a break above which could open the way towards $5.72.
The resistance is at the March 8 high.
A break above this level will confirm a double-bottom forming around $5.30.
The pattern suggests a target of $5.85.
A realistic target will be $5.72. Support is at $5.47-1/2, a break below which could cause a fall to $5.40-1/2.
On the daily chart, a triangle has been almost confirmed. It indicates a target of $5.85 as well.
Strategically, the target of $5.85 will be available when corn breaks $5.58.
A break below $5.43 could be followed by a drop towards $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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