CBOT corn may test resistance at $5.71-1/4
- It could be either the extension of the consolidation within a wedge, or a resumption of the preceding uptrend from $3.57
SINGAPORE: CBOT corn December may test a resistance at $5.71-1/4, a break above which could lead to a gain to $5.86-1/2.
The contract has broken a lower resistance at $5.59. The next resistance will be at $5.71-1/4. A big part of the gap forming between July 2 and July 6 has been filled.
It looks like a common gap and may be totally covered.
A break below $5.59 could open the way towards $5.46-3/4. On the daily chart, the nature of the rise from the July 9 low of $5.07 remains unknown.
It could be either the extension of the consolidation within a wedge, or a resumption of the preceding uptrend from $3.57.
US MIDDAY: Corn, soya and wheat up
In either case, corn may rise towards $5.95-1/2, as pointed by the upper trendline.
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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