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.
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