CBOT corn may retreat into $6.39-3/4 to $6.47-1/2 range
- On the daily chart, the bounce over the past few days consists of a few candlesticks with very small bodies.
SINGAPORE: CBOT corn may retreat into a range of $6.39-3/4 to $6.47-1/2 per bushel, as it failed twice to break a resistance at $6.71.
The failures reduce the chance of a further gain. The anticipated double-bottom around $6.33 looks unlikely to be confirmed as well.
The bounce from $6.33 may have completed. Corn is expected to revisit this low over the next few days. A break above $6.71 could lead to a gain to $6.82-3/4.
On the daily chart, the bounce over the past few days consists of a few candlesticks with very small bodies.
This is definitely not a promising signal to bulls. They represent a cautious market sentiment.
The right shoulder of a head-and-shoulders could be developing. However, this pattern may only be confirmed when corn breaks $6.26-3/4.
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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