SINGAPORE: CBOT May corn is biased to retest a support at $5.47-1/2 per bushel, a break below which could cause a fall to $5.41-3/4.
The rise from the March 4 low of $5.29-1/4 has adopted a corrective wave mode, which suggests a possible drop towards this level over the next few days.
Only a rise above $5.56 could confirm the extension of the uptrend towards $5.60-1/4 to $5.65-1/4 range.
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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