SINGAPORE: CBOT March corn may break a support at $6.00-3/4 per bushel and fall into $5.93-1/2 to $5.97-1/4 range.
The contract is riding on a wave c, which failed to extend above a resistance at $6.17-1/2, its 114.6% projection level.
The failure, along with the subsequent deep drop, signals a completion of the wave c from $5.81-1/2.
The preceding wave b ended at $5.81-1/2, which works as a target for the next few days.
Resistance is at $6.08-1/2, a break above which could lead to a gain into $6.13 to $6.17-1/2 range.
On the daily chart, it was the resistance at $6.14-1/4, the 200% projection level of an upward wave C, that triggered the current correction.
A rising trendline points to a target zone of $5.89-3/4 to $5.95-1/2 range.
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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