ANL 34.14 Increased By ▲ 0.17 (0.5%)
ASC 19.60 Increased By ▲ 0.04 (0.2%)
ASL 25.85 No Change ▼ 0.00 (0%)
AVN 90.42 Increased By ▲ 0.21 (0.23%)
BOP 8.40 Decreased By ▼ -0.01 (-0.12%)
BYCO 12.72 Increased By ▲ 0.18 (1.44%)
DGKC 125.15 Increased By ▲ 0.44 (0.35%)
EPCL 47.74 Increased By ▲ 0.09 (0.19%)
FCCL 23.80 Decreased By ▼ -0.05 (-0.21%)
FFBL 26.65 Decreased By ▼ -0.20 (-0.74%)
FFL 18.13 Increased By ▲ 0.07 (0.39%)
HASCOL 10.99 Increased By ▲ 0.09 (0.83%)
HUBC 80.89 Increased By ▲ 0.38 (0.47%)
HUMNL 8.65 Increased By ▲ 0.08 (0.93%)
JSCL 23.01 Increased By ▲ 0.15 (0.66%)
KAPCO 43.20 No Change ▼ 0.00 (0%)
KEL 4.11 Decreased By ▼ -0.01 (-0.24%)
LOTCHEM 16.10 Increased By ▲ 0.35 (2.22%)
MLCF 47.60 Decreased By ▼ -0.07 (-0.15%)
PAEL 35.30 Increased By ▲ 0.20 (0.57%)
PIBTL 11.81 Decreased By ▼ -0.05 (-0.42%)
POWER 9.96 Increased By ▲ 0.10 (1.01%)
PPL 90.24 Increased By ▲ 0.18 (0.2%)
PRL 26.10 Increased By ▲ 0.52 (2.03%)
PTC 12.36 Decreased By ▼ -0.03 (-0.24%)
SILK 2.08 No Change ▼ 0.00 (0%)
SNGP 48.00 No Change ▼ 0.00 (0%)
TRG 162.40 Decreased By ▼ -0.10 (-0.06%)
UNITY 44.00 Decreased By ▼ -0.21 (-0.48%)
WTL 3.83 Decreased By ▼ -0.03 (-0.78%)
BR100 5,248 Increased By ▲ 6.39 (0.12%)
BR30 27,354 Increased By ▲ 7.26 (0.03%)
KSE100 48,007 Increased By ▲ 20.03 (0.04%)
KSE30 19,333 Increased By ▲ 7.73 (0.04%)

Coronavirus
LOW Source: covid.gov.pk
Pakistan Deaths
22,073
3924hr
Pakistan Cases
950,768
93024hr
2.04% positivity
Sindh
333,194
Punjab
345,251
Balochistan
26,776
Islamabad
82,431
KPK
137,247
Markets

CBOT corn may rise into $7.49-1/2 to $7.56-3/4 range

  • Such a combination suggests a strong bullish sentiment, which simply ruins the least chance of a deep correction. Wave pattern suggests a further extension of the uptrend.
12 May 2021

SINGAPORE: CBOT corn may break a resistance at $7.38 per bushel and rise into $7.49-1/2 to $7.56-3/4 range.

The drop from the May 7 high of $7.35-1/4 has been driven by a wave (4), which turned out to be much shorter than expected. It has almost reversed by the current wave (5).

A rising trendline suggests an extension of this wave (5) towards $7.80, which could be too far away to be realistic. Strategically, it is better to target $7.56-3/4 first.

Support is at $7.19-1/4, a break below which could cause a fall to $7.07-1/2. On the daily chart, the black candlestick forming on Monday was deeply pierced by a white candlestick the next day.

Such a combination suggests a strong bullish sentiment, which simply ruins the least chance of a deep correction. Wave pattern suggests a further extension of the uptrend.

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.