CBOT corn may retest resistance at $7.01-3/4
- Corn has failed twice to break $7.01-3/4, it is highly likely to succeed this time, as the wave (3) has a fierce character.
SINGAPORE: CBOT corn may retest a resistance at $7.01-3/4 per bushel, with a good chance of breaking above this level and rising towards the $7.14-3/4 to $7.32-1/2 range.
The rise from $6.02-3/4 has adopted a five-wave mode. The contract is riding on a wave (3), the most powerful wave among the five waves.
Corn has failed twice to break $7.01-3/4, it is highly likely to succeed this time, as the wave (3) has a fierce character.
Support is at $6.82-3/4, a break below which could cause a fall limited to $6.67-/2. On the daily chart, corn could be riding on an extended wave 5, which is capable of travelling far above $7.35-1/4.
Five smaller waves make up the wave 5. A projection analysis on the current wave 5-3 reveals a conservative target of $8.19-3/4. An aggressive target would be $9.53-3/4.
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.
Comments
Comments are closed for this article.