CBOT corn may test resistance at $6.01-1/4
- A break below $5.84-1/2 could open the way towards $5.71-1/4
SINGAPORE: CBOT corn December may test a resistance at $6.01-1/4 per bushel, a break above which could lead to a gain into $6.12-1/2 to $6.28-1/4 range.
The contract has surged above a key resistance at $5.84-1/2. Chances are high that it would revisit the June 10 high of $6.28-1/4.
Before resuming its rally, the contract may pull back towards $5.84-1/2. The pullback is expected to end around this level.
A break below $5.84-1/2 could open the way towards $5.71-1/4.
On the daily chart, the consolidation within a big wedge continues. The pattern looks bullish. It will be confirmed when corn breaks the uptrend line resistance around $6.20.
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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