CBOT corn may retest support at $6.08-1/2
- As a result, the pullback may end around $6.31-3/4. A rise to $6.36 may confirm a break above $6.31-3/4 and a target of $6.46-1/2.
SINGAPORE: CBOT corn may retest a support at $6.08-1/2 per bushel, a break below which could cause a fall to $5.93-3/4.
The contract is riding on a wave (c) which is capable of travelling to $5.70-1/2. The support at $6.08-1/2 temporarily holds.
It triggered a pullback towards the neckline of a head-and-shoulders.
The pattern suggests an aggressive target of $5.30.
As a result, the pullback may end around $6.31-3/4. A rise to $6.36 may confirm a break above $6.31-3/4 and a target of $6.46-1/2.
On the daily chart, the hammer appearing on Wednesday will not be regarded as a bullish reversal signal, unless another white candlestick forms on Thursday.
Based on the hourly chart signals, corn may retest the support at $6.01.
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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