SINGAPORE: CBOT May corn may revisit its Feb. 24 high of $7.16-1/4 per bushel, as its uptrend form $5.87 may have resumed.
The resumption has been suggested by the strong recovery of the price from the Feb. 25 low of $6.55-1/4.
The V-shaped reversal from this low symbolizes a dominating bullish sentiment.
The depth of the drop indicates an extension of the uptrend towards $7.66. Support is at $6.92-1/2, a break below which could cause a fall into $6.73-1/4 to $6.85-1/4 range.
On the daily chart, the shooting star on Feb. 24 and big black candle on Feb. 25 failed to stop the rise.
The uptrend only becomes stronger.
The failure of these candlestick patterns may appear unusual under normal circumstances, but when it is put in the context of wars between two important grain export countries, it simply makes sense.
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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