SINGAPORE: CBOT May corn may drop to $3.79-1/4 per bushel, as suggested by a retracement analysis and two trendlines.
The analysis is on the uptrend from $3.53-3/4 to $3.95-1/4. The various retracements have well controlled the move over the past few weeks.
The recent move, however, seems to be confined within a narrowing range from $3.74-1/2 to $3.92-1/4, which is defined by two trendlines. Corn may consolidate further in the range over the few days sessions.
Only a break above $3.92-1/4 could signal the continuation of the uptrend.
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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