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CBOT corn may rise into $6.00-1/4 to $6.07 range

  • This could be a bullish continuation pattern or a top pattern, depending on the subsequent break above the upper trendline or below the lower trendline.
Published April 20, 2021

SINGAPORE: CBOT May corn may rise into a range of $6.00-1/4 to $6.07 per bushel, as pointed by a rising trendline.

The contract has cleared a resistance at $5.96-1/4, the next resistance will be at $6.00-1/4. Corn failed to break $6.00-1/4 in its first attempt on April 15, it may succeed in its current attempt.

A break below $5.93-3/4 may be followed by a drop to $5.89-3/4 again. The uptrend is developing within a rising wedge which is contracting to a point.

This could be a bullish continuation pattern or a top pattern, depending on the subsequent break above the upper trendline or below the lower trendline.

On the daily chart, the uptrend from $3.74-1/2 is developing in a zigzag mode, towards $6.19-1/4. Wave pattern suggests the progress of a wave 5. Based on this wave classification, the wedge may turn out to be a top pattern.

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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