SINGAPORE: CBOT March corn may break a resistance at $6.27-1/2 per bushel, and rise into $6.33 to $6.40-3/4 range.
The correction triggered by the resistance at $6.40-3/4 may have completed, as suggested by the bounces from the Feb. 3 low of $6.10-1/4.
Corn failed twice to break a support at $6.13. Due to these failures, a high-low bottom formed around this level, suggesting a target of $6.33.
Support is at $6.19-1/2, a break below could signal an extension of the correction towards $6.06-1/2 to $6.13 range.
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On the daily chart, the uptrend from $5.62-1/2 remains steady.
It is supposed to extend to $6.49-1/4.
The bounce from around $6.16 suggests a continuation of the trend. The disappointing part is a failure of the contract to break above $6.28-3/4.
The bullish outlook will be reviewed if corn closes below $6.20-1/2, the Feb. 4 closing price.
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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