CBOT corn may approach $6.71 again
- A break below $6.47-1/2 may cause a fall to $6.33. On the daily chart, the contract looks sideways around a support at $6.52-1/4.
SINGAPORE: CBOT corn may approach a resistance at $6.71 per bushel again, as suggested by a triangle and a retracement analysis.
The bounce from the May 17 low of $6.33 may be shaped into a triangle, which consists of five waves. The final wave labeled e is unfolding towards $6.71.
It is hard to tell the nature of the pattern. A break above $6.71 could confirm it as a bullish triangle, suggesting a target of $6.94-1/4.
A break below $6.47-1/2 may cause a fall to $6.33. On the daily chart, the contract looks sideways around a support at $6.52-1/4.
The symmetrical nature of the chart suggests a further consolidation within a range of $6.26-3/4 to $6.84.
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.
Comments
Comments are closed for this article.