CBOT corn may test support at $5.65-1/4
- The failure indicates a completion of the bounce from $5.07. A break above $5.82-1/4, however, would suggest an extension of the uptrend towards $5.98-1/4
SINGAPORE: CBOT corn may test a support at $5.65-1/4 per bushel, a break below which could cause a fall to $5.57-1/4.
The contract failed to break a falling trendline. It may retreat towards $5.57-1/4 to $5.65-1/4 range, or at least hover below a resistance at $5.82-1/2.
The failure indicates a completion of the bounce from $5.07. A break above $5.82-1/4, however, would suggest an extension of the uptrend towards $5.98-1/4.
CBOT corn may test support at $5.65-1/4
On the daily chart, corn is still consolidating within a wedge.
There might be a total of five waves making up the wedge.
A rise above the Aug. 13 high of $5.82 may be extended to $5.95-1/2.
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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