SINGAPORE: CBOT March corn may test a support at $5.78-1/4 per bushel, a break below which could cause a fall into $5.69-3/4 to $5.74-1/2 range.
The rise from the Nov. 30 low of $5.62-1/2 has ended, as confirmed by the drop below a rising wedge.
The high of $5.94 hit on Dec. 10 is lower than the Nov. 24 high of $5.96-3/4.
This lower high suggests a reversal of the bigger uptrend from $5.16-1/4. Resistance is at $5.86-1/2, a break above which could lead to a gain into $5.89-1/4 to $5.91-3/4 range.
On the daily chart, a bigger wedge has completed. It is a a top pattern, indicating an extension of the subsequent deep fall below $5.65-1/4.
This wedge may unexpectedly become a bullish pattern, only if corn could break above $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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