SINGAPORE: CBOT March corn is biased to retest a support at $5.97-1/4 per bushel, a break below which could cause a fall into $5.88-3/4 to $5.93-1/2 range.
The contract dropped below a rising trendline again. This latest move signals a continuation of the downtrend from the Dec. 28, 2021 high of $6.17-3/4.
Unless the contract could climb above $6.08-1/2 on Tuesday, it is highly likely to fall into $5.81-1/2 to $5.88-3/4 range.
A rise above $6.05-1/2 could signal the break below the trendline was false.
On the daily chart, a triangle looks like a top pattern, following the drop below its lower trendline.
The pattern suggests a target around $5.83-3/4.
Strategically, a drop below $5.95-1/2 is still needed to confirm the triangle and the target.
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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