SINGAPORE: CBOT corn is expected to break a support at $7.85-1/4 and fall to $7.73-1/4, as the downtrend from the April 19 high of $8.19-3/4 has resumed.
Even though it is not very clear how far the downtrend could extend, the break below a rising trendline does suggest a further fall from the current level, as the uptrend from $7.13-1/2 may have reversed.
Only a break above $8.04-1/4 could signal a continuation of the uptrend.
Corn eases, set for 3rd weekly gain on supply concerns
On the daily chart, corn seems to be riding on a wave (4), which is travelling towards the range of a preceding wave 4 from $7.13-1/2 to $7.82-3/4. A bullish target of $9.75 suggested by a flag has been temporarily aborted.
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.
Comments
Comments are closed.