SINGAPORE: CBOT corn March corn may break a resistance at $5.96 per bushel and rise to $6.05, driven by a wave C.
This wave is expected to travel into $6.16-1/2 to $6.34-3/4 range. The resistance at $5.96 triggered a deep correction which was quickly reversed.
The reversal suggests a prevailing bullish sentiment. The wave C may have resumed.
A retracement analysis on the rise from $5.57-1/2 reveals a support at $5.87-1/4, a break below which could confirm an extension of the fall from $5.96-3/4 towards $5.77 to $5.81-1/2 range.
On the daily chart, corn climbed above a falling trendline. This move is a milestone to bulls. It confirms a bullish wedge which suggests a target around $6.60.
The break above the line looks reliable, as confirmed by the big white candlestick on Nov. 26.
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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