SINGAPORE: CBOT corn may extend break a resistance at $5.81-1/2 per bushel, and rise to $5.90, driven by a powerful wave (iii).
The contract failed three times to break this resistance. It is highly likely to succeed in its current attempt.
The current wave (iii) is expected to be longer than the wave (i), to travel above $6.03.
Key support to watch is at $5.76-1/2, a break below which could cause a fall into $5.68-1/4 to $5.73-1/4 range.
On the daily chart, corn is poised to retest a resistance at $5.85-3/4.
A break above this barrier will be a milestone to bulls, as it will confirm a big bullish wedge, which suggests a target of $6.40.
In consideration that the rise will be driven by a wave 3, this target could be quickly fulfilled.
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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