CBOT corn may test resistance at $5.43-1/4
- Corn has bounced above a resistance at $5.36-1/2, it may gain more into $5.43-1/4 to $5.47-1/4 range
SINGAPORE: CBOT corn may test a resistance at $5.43-1/4 per bushel, a break above which may lead to a moderate gain to $5.47-1/4.
The contract found a support at $5.32-1/4, the July 26 low. Strengthening the support is another one at $5.32-1/2, the 176.4% projection level of a downward wave c from $5.82. Corn may hover above these levels for one or two days.
Corn has bounced above a resistance at $5.36-1/2, it may gain more into $5.43-1/4 to $5.47-1/4 range.
On the daily chart, the contract has broken a support at $5.43 - it is pulling back towards this level before dropping towards $5.23.
The break confirmed the extension of a big wave C from $6.28-1/4 towards its 100% projection level of $4.90-1/2.
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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