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Markets

CBOT corn may rise into $7.38 to $7.49-1/2 zone

  • On the daily chart, the uptrend from $5.18-1/4 consists of many smaller waves. A five-wave cycle from $5.52-3/4 is still developing.
07 May 2021

SINGAPORE: CBOT corn may break a resistance at $7.26-1/4 per bushel, and rise into a zone of $7.38 to $7.49-1/2.

The contract is riding on a powerful wave iii, the third wave of a bigger wave 5 from $6.39. This wave iii has a fierce character.

It could easily break resistances ahead. A rising trendline suggests a target of this wave around $7.68-1/2.

This wave is unlikely to be disrupted by any decent corrections. A correction from the current level may be limited to a support at $7.07-1/2.

On the daily chart, the uptrend from $5.18-1/4 consists of many smaller waves. A five-wave cycle from $5.52-3/4 is still developing.

Given that corn has surged into a territory defined by many uncommon projection levels, it is really a big challenge to predict the top.

The best choice is to wait until the first black candlestick appears.

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.