SINGAPORE: CBOT March corn faces a resistance at $6.19-1/2 per bushel. It may hover below this level for one day or retrace towards $6.13 before rising again.
The resistance is identified as the 61.8% projection level of an upward wave (c) from $5.85-1/2, which may either end around $6.19-1/2 or extend a lot to $6.40-3/4.
The reaction of the market to this resistance suggests a drop to $6.13.
The wave (c) is expected to resume upon the completion of the drop.
A break below $6.13 could cause a further fall to $6.06-1/2, while a break above $6.19-1/2 could lead to a gain to $6.27-1/2.
CBOT corn may retest resistance at $6.11-1/4
On the daily chart, corn is presumed to be riding on a wave c, the third wave of a three-wave cycle from $5.06-3/4.
This wave has just broken a key resistance at $6.16. It is supposed to travel to $6.28-3/4.
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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