SINGAPORE: CBOT March corn is poised to break a resistance at $6.19-1/2 per bushel and rise towards a range of $6.27-1/2 to $6.40-3/4.
The contract is riding on a 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.
This wave has briefly travelled above $6.19-1/2. It is unlikely to end around this level.
The pattern from $5.62-1/2 could be regarded as a pennant, which suggests a target of $6.40-3/4 as well.
CBOT corn may hover below $6.19-1/2
Key support is at $6.13, a break below which could cause a fall to $6.06-1/2.
On the daily chart, corn is riding on a wave c, the third wave of a three-wave cycle from $5.06-3/4.
This wave has overcome a key barrier at $6.16. It is on the way to $6.49-1/4.
The contract consolidated below this resistance for a few weeks. The depth of the consolidation also suggests a target of $6.49-1/4.
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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