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CBOT corn may rise to $7.19-1/4

  • Support is at $6.81-1/2, a break below which could cause a fall to $6.70.
Published May 3, 2021
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SINGAPORE: CBOT corn may break a resistance at $7.00-1/4 per bushel, and rise to $7.19-1/4, as pointed by a rising trendline.

The contract is riding on a wave 5, which has travelled close to $7.00-1/4, the 261.8% projection level of the preceding wave 3.

Based on the depth of the wave 4, the wave 5 may extend to $7.38, which is higher than $7.19-1/4.

Support is at $6.81-1/2, a break below which could cause a fall to $6.70.

On the daily chart, the uptrend from $5.52-3/4 is developing, which is riding on a wave v.

This is the last wave of a bigger wave (iii).

Such a complex wave structure confirms a steady uptrend from $5.18-1/4, which looks far from complete.

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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CBOT corn may rise to $7.19-1/4

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