CBOT corn may rise into $6.00-1/4 to $6.07 range
- The zigzagging mode indicates either a temporary top around $6.06 or an early stage of a strong rally. The $6.06-1/2 level will be pivotal in evaluating the next direction.
SINGAPORE: CBOT May corn may rise into a range of $6.00-1/4 to $6.07 per bushel, as pointed by a trendline.
A projection analysis on the uptrend from $5.33-3/4 reveals this target zone, around which a decent correction may occur, as suggested by the pattern of this trend.
A correction from the current level may be shallow, limited to $5.89-3/4. On the daily chart, the uptrend from $3.74-1/2 has resumed towards a range of $6.06-1/2 to $6.19-1/4, as pointed by another trendline.
The zigzagging mode indicates either a temporary top around $6.06 or an early stage of a strong rally. The $6.06-1/2 level will be pivotal in evaluating the next direction.
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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