SINGAPORE: CBOT corn may break a support at $6.18-1/4 per bushel and fall into $5.97-1/2 to $6.06 range, driven by a wave C.
This wave is supposed to pause around its 161.8% projection level of $6.18-1/4.
However, there is no convincing signal of such a pause. Most likely, the downtrend could keep on extending towards $5.97-1/2 to $6.06 range.
Resistance is at $6.28-1/4, a break above which could lead to a gain into $6.38 to $6.50-1/4 range.
CBOT corn may fall to $6.18-1/4
On the daily chart, a five-wave cycle from the May 2020 low of $3.69-1/2 has completed.
The wave 4 ended at $4.81-1/2, which suggests a further drop from the current level.
The drop closely follows a set of retracements on the uptrend from $4.81-1/2.
After breaking the 50% level of $6.30, corn is expected to test the next support of $5.95.
Comments
Comments are closed for this article.