CBOT corn may rise more into $6.39 to $6.45-3/4 range
- Another projection analysis on the uptrend from $5.49-3/4 reveals a piercing above a resistance at $6.32-1/2 as well.
SINGAPORE: CBOT May corn may rise more into a range of $6.39 to $6.45-3/4 per bushel, driven by a strong wave 3.
This wave started at $5.33-3/4. It has briefly pierced above a key resistance at $6.35, its 361.8% projection level.
Another projection analysis on the uptrend from $5.49-3/4 reveals a piercing above a resistance at $6.32-1/2 as well.
This move indicates a further extension of the uptrend. Support is at $6.28-1/4, a break below which could cause a fall into the zone of $6.21-3/4 to $6.24-1/4.
On the daily chart, wave pattern suggests the progress of a wave 5, which is accelerating. It has travelled far above a key barrier at $6.19-1/4. Chances are it may develop into $6.47- $6.52 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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