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CBOT corn may retest resistance at $6.73-3/4

  • On the daily chart, the contract failed to break a resistance at $6.72-1/4. The failure won't mean anything if corn closes above $6.59-1/2 on Monday.
Published April 26, 2021

SINGAPORE: CBOT May corn may retest a resistance at $6.73-3/4 per bushel, a break above which could lead to a gain to $6.80-1/4.

Even though the contract failed to break this resistance, there is no trend reversal signal yet. The contract may extend its gains into a range of $6.80-1/4 to $6.84-1/4.

Another projection analysis on a wave iii from $5.49-3/4 reveals a target of $6.83-3/4, the 261.8% level. Support comes in at $6.63, a break below which could cause a fall into $6.52-1/4 to $6.56-1/4 range.

On the daily chart, the contract failed to break a resistance at $6.72-1/4. The failure won't mean anything if corn closes above $6.59-1/2 on Monday.

A close below this level could be followed by a correction into $6.39-1/2 to $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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