SINGAPORE: CBOT May corn may drop to $6.38-1/4 per bushel, following its break below a support of $6.66-1/2.
The next support is at $6.38-1/4, a break below which could open the way towards $6.15-1/2. A big wave (C) from $7.12 may have just resumed, which is expected to travel to $5.92-3/4, or a much lower level of $5.19-1/4, if fails to complete around $5.92.
Strong as it is, the rise from the March 10 low of $6.06-3/4 could have been driven by a wave B, which will be reversed by the current wave C.
On the hourly chart, about 76.4% of the rise from $6.40-1/4 has been reversed. Chances are high that corn would revisit this low.
CBOT corn may fall into $6.53-1/4 to $6.57-1/2 range
A rising trendline was broken.
The break confirmed a reversal of the uptrend from $6.06-3/4.
A bounce from the current level may be limited to $6.56-1/4.
Comments
Comments are closed for this article.