SINGAPORE: CBOT March corn may break a resistance at $6.40-3/4 per bushel and rise into a range of $6.48-3/4 to $6.53-3/4.
The drop from the Jan. 31 high of $6.42-1/2 has been almost reversed. The reversal signals a continuation of the uptrend. Once it breaks above $6.40-3/4, the contract may leap towards $6.61-3/4.
The depth of the correction from $6.42-1/2 suggests a higher target of $6.74-3/4.
Support is at $6.33, a break below which could cause a fall into $6.19-1/2 to $6.27-1/2 range.
On the daily chart, a different wave count and projection analysis reveal the progress of wave c towards $6.49-1/4, close to $6.48-3/4 (hourly chart).
CBOT corn may revisit Jan 31 high of $6.42-1/2
A close below $6.28-3/4 would signal the swing of the short uptrend from the Feb. 3 low of $6.10-1/4. Corn may drop towards $6.16 thereafter.
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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