SINGAPORE: CBOT March corn may test a resistance at $6.11-1/4 per bushel, a break above could lead to a gain to $6.17-3/4.
The contract climbed above a wedge, which was confirmed as a bullish continuation pattern, suggesting a target around $6.17-3/4.
However, the wedge is generally a very unreliable pattern. To avoid a bull trap, the target will only be confirmed when corn breaks $6.11-1/4.
Support is at $5.98-1/2, a break below could cause a fall into the range of $5.90-3/4 to $5.94-3/4.
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On the daily chart, the drop from $6.17-3/4 has been well-controlled by a set of projection levels of a presumed wave C.
Market may reverse drastically, if it fails to break $6.08-1/4, as the wave C looks far from complete.
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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