SINGAPORE: CBOT May corn faces a resistance at $3.92 per bushel, it may hover below this level for a while or retrace to a support at $3.86-1/4 before rising again.
The resistance is identified as the 86.4 percent projection levels of an upward wave C from $3.72. Working together with the resistance is another one established by a falling trendline.
A break above $3.92 will open the way towards the range of $3.95-1/4 to $3.98-1/2, while a break below $3.86-1/4 could cause a loss to $3.83-1/2.
The break above $3.92 will at the same time confirm a bullish wedge, which suggests a target around $4.05.
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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