SINGAPORE: CBOT March corn may test a resistance at $6.08-1/2 per bushel, a break above which could lead to a gain into $6.13 to $6.17-1/2 range.
The fluctuation is still centred around a rising trendline. The uptrend is presumed to be steady, as corn has surged above the trendline again after dropping below it.
Key support is at $5.97-1/4, a break below which could signal an extension of the correction from the Dec. 28, 2021 high of $6.17-3/4.
On the daily chart, there was a false break below a rising trendline on Jan. 3.
As long as corn remains above $5.95-1/2, it is likely to retest a resistance at $6.14-1/4.
A retracement analysis on the fall from $6.40-1/2 reveals that about 76.4% of this fall has been reversed. Chances are the high at $6.40-1/2 may be revisited.
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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