SINGAPORE: CBOT March corn may break a resistance at $6.08-1/2 per bushel and gain into $6.13 to $6.17-1/2 range.
The contract managed to stay above a rising trendline. The uptrend is presumed to be steady.
It may extend to Dec. 28, 2021 high of $6.17-3/4 again.
Support is at $6.00-3/4, a break below which could signal an extension of the correction from $6.17-3/4, towards $5.88-3/4.
On the daily chart, the contract seems to be accumulating momentum to break a resistance range of $6.07-1/2 to $6.08-3/4. A break could open the way towards a target zone of $6.14-1/4 to $6.25-3/4.
A triangle is contracting to a point.
Strong move is expected to occur on Monday or Tuesday.
Even though the market is biased to move up, a fall below the lower trendline support of $5.98 could confirm the triangle as a bearish pattern.
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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