SINGAPORE: CBOT March corn may fall further into a range of $6.27-1/2 to $6.33 per bushel, as a wave (c) from $5.85-1/2 may have completed.
The completion was indicated by the sharp fall of the market from the Thursday high of $6.62-3/4. Three smaller waves make up the wave (c). The fall could be extending towards the bottom of the wave b around $6.13.
Resistance is at $6.48-3/4, a break above which could lead to a gain into $6.53-3/4 to $6.61-3/4 range.
On the daily chart, the current drop looks like a pullback towards $6.40-1/2, the May 7, 2021 high.
However, the long-shadowed shooting star confirmed a false break above $6.40-1/2. This is a strong reversal pattern, the uptrend from $5.62-1/2 may have reversed. Under this scenario, corn may fall to $6.28-3/4.
CBOT corn may gain more into $6.61-3/4 to $6.74-3/4 range
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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