SINGAPORE: CBOT corn may retest a resistance at $7.82 per bushel, a break above which could lead to a gain into $7.89 to $7.93-1/2 range.
The bullish momentum is exceptionally strong, as proved by the consecutive gains over the past few days.
The gain has been well controlled by a set of projection levels on the uptrend from $7.25-3/4.
A falling trendline points a target zone of $7.89 to $7.93-1/2. The 238.2% level of $7.70-1/4 seems to be serving as a limit to the current shallow correction.
CBOT corn may extend gains into $7.75-3/4 to $7.82-1/2 range
A break below $7.70-1/4 could trigger a drop into $7.58-3/4 to $7.65-3/4 range.
On the daily chart, the rise from the June 1 low of $7.20-1/2 may have been driven by a wave B, the second wave of a three-wave cycle from the April 29 high of $8.24-1/2.
This wave may end in the range of $7.81-1/4 to $7.95-3/4, to be then reversed by the wave C.
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