SINGAPORE: CBOT March corn may rise into $6.73-3/4 to $6.82-3/4 range, as it has broken a resistance at $6.61-3/4 per bushel.
A bullish wedge has been confirmed. It makes a more bullish pennant, together with the preceding rise from the Feb. 3 low of $6.10-1/4, indicating a higher target of $6.88-1/4.
However, before fulfilling this target, the contract may experience a correction when reaching $6.74-3/4, which is a stronger resistance than the one at $6.61-3/4.
A break below $6.61-3/4, now a support, may cause a fall to $6.53-3/4. On the daily chart, a different calculation reveals a higher target zone of $6.82-1/4 to $7.02-3/4.
CBOT corn may gain more into $6.61-3/4 to $6.74-3/4 range
Currently, corn is still climbing within a channel. Over the next few days, it is expected to leave this channel and move into a duplicated upper channel.
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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