SINGAPORE: CBOT March corn may revisit its Jan. 31 high of $6.42-1/2 per bushel, as the fall from this level has been deeply reversed.
The reversal signals a continuation of the uptrend from $5.85-1/2.
The trend failed to extend above a key resistance at $6.40-3/4 in its first attempt.
It may succeed in its current attempt.
A break above $6.40-3/4 could open the way towards $6.61-3/4. Support is at $6.27-1/2, a break below which may cause a fall to $6.19-1/2.
On the daily chart, the uptrend from $5.62-1/2 is riding on a wave c which is supposed to extend to $6.49-1/4.
CBOT corn rise into $6.33 to $6.40-3/4 range
As long as corn remains above $6.28-3/4, the target of $6.49-1/4 will remain intact.
A break below $6.28-3/4 may open the way towards $6.16.
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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