SINGAPORE: CBOT corn may break a resistance zone of $5.68-1/4 to $5.69-3/4 per bushel and rise towards $5.76-1/2, driven by a powerful wave (3).
The zone is formed by the 100% projection level of an upward wave c from $5.33 and the 123.6% projection level of a bigger wave C from $5.06-3/4.
The wave (3) has resumed, as confirmed by the Oct. 29 high at $5.69-1/4, which is higher than $5.68-3/4 touched on Oct. 28.
Support is at $5.63-1/4, a break below which could cause a fall limited to $5.57-3/4 to $5.59-3/4 range. On the daily chart, corn has broken a resistance of $5.65-1/2. The break opens the way towards $5.76-1/2.
A falling trendline establishes a similar resistance around $5.76-1/2. Chances are high that a correction would occur about this level.
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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