SINGAPORE: CBOT May corn is expected to rise to $6.42-3/4 per bushel, the peak of a wave 4. Following the completion of a five-wave cycle from the Feb. 14 high of $6.84-3/4, this peak has become a short-term target.
It looked more realistic after corn had surged above the peak of the wave iv around $6.29.
Strategically, this target will be available when corn breaks $6.39, a strong barrier to the current wave c, which may either end around this level or extend into the $6.46-1/2 to $6.51 range.
Support is fixed at $6.33-1/2, a break below which may open the way towards the $6.28-1/2 to $6.30-1/2 range.
CBOT corn still targets $6.33-1/2 to $6.38-1/2 range
On the daily chart, no ending signals of the bounce have appeared.
However, they may come out in the resistance zone of $6.38-1/4 to $6.47.
Strong as it is, the current rise is still classified as a bounce.
The downtrend from $6.84-3/4 remains steady, as it is expected to eventually extend into the $5.19-1/4 to $5.62-3/4 range.
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