SINGAPORE: CBOT May corn may retest a support at $5.41-3/4 per bushel, a break below which could cause a fall to $5.34-3/4.
Wave pattern suggests that the fall on Thursday could be due to a resumption of the downtrend from the Feb. 9 high of $5.72. Under this scenario, corn may eventually drop to $5.23-1/4.
A break above $5.47-1/2 could lead to a gain to $5.53-1/4.
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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