CBOT corn may test resistance at $5.60-1/4
- 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 $5.60-1/4 per bushel, a break above which could open the way towards $5.65-1/4.
The current rise seems to be observing the retracements on the fall from $5.72 to $5.23-1/4.
After rising above the resistance at $5.53-1/4, the contract has a better chance of gaining more towards $5.60-1/4.
A break below $5.53-1/4, now a support, may cause a fall to $5.47-1/2. However, the impact of the break could be much more greater than triggering a shallow drop. It could help resume the downtrend from $5.72.
On the daily chart, a triangle has been confirmed. It indicates a target of $5.85. Strategically, the target 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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