SINGAPORE: CBOT May corn may break a resistance at $3.87-1/4 per bushel, and rise more to the next resistance at $3.91-1/4, as suggested by its wave pattern and a projection analysis.
These resistances are identified respectively as the 138.2 percent and the 161.8 percent Fibonacci projection levels of the wave C from $3.64-1/4.
The correction triggered by the resistance at $3.87-1/4 was shallow. It has been almost reversed. It seems that the uptrend has resumed.
Support is at $3.83-1/4, a break below which could confirm a target at $3.81.
No information in this analysis should be considered as being business, financial or legal advice. 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.
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