CBOT corn may rise towards $7.19-1/4 to $7.26-1/4 zone
- Indeed, the wave iii does not look as strong as expected. It is supposed to be fierce and full of momentum.
SINGAPORE: CBOT corn may break a resistance at $7.00-1/4 per bushel, and rise towards a zone of $7.19-1/4 to $7.26-1/4.
The contract is riding on a wave iii, the fifth wave of a bigger wave 5 from $6.39. This wave iii is travelling towards the target zone which is pointed by a rising trendline.
It is critical that corn remains above a support at $6.88-3/4, as a break could cause a fall to $6.77 and make the current wave count very doubtful.
Indeed, the wave iii does not look as strong as expected. It is supposed to be fierce and full of momentum.
The rise from the May 3 low of $6.74 seems disappointingly weak and slow.
On the daily chart, a five-wave cycle from $5.52-3/4 has extended. The big white candlestick on Wednesday may guarantee a further gain on Thursday.
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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