ANL 33.10 Decreased By ▼ -0.70 (-2.07%)
ASC 14.50 Decreased By ▼ -0.63 (-4.16%)
ASL 24.45 Decreased By ▼ -1.05 (-4.12%)
AVN 91.75 Decreased By ▼ -3.75 (-3.93%)
BOP 9.07 Decreased By ▼ -0.10 (-1.09%)
BYCO 9.75 Decreased By ▼ -0.48 (-4.69%)
DGKC 131.50 Decreased By ▼ -6.00 (-4.36%)
EPCL 49.65 Decreased By ▼ -1.97 (-3.82%)
FCCL 24.38 Decreased By ▼ -0.62 (-2.48%)
FFBL 24.34 Decreased By ▼ -1.11 (-4.36%)
FFL 15.10 Decreased By ▼ -0.60 (-3.82%)
HASCOL 10.52 Decreased By ▼ -0.38 (-3.49%)
HUBC 85.00 Decreased By ▼ -1.75 (-2.02%)
HUMNL 6.72 Decreased By ▼ -0.38 (-5.35%)
JSCL 25.43 Decreased By ▼ -1.61 (-5.95%)
KAPCO 38.91 Decreased By ▼ -1.09 (-2.73%)
KEL 3.97 Decreased By ▼ -0.18 (-4.34%)
LOTCHEM 14.35 Decreased By ▼ -0.45 (-3.04%)
MLCF 45.89 Decreased By ▼ -1.70 (-3.57%)
PAEL 36.79 Decreased By ▼ -1.51 (-3.94%)
PIBTL 11.50 Decreased By ▼ -0.41 (-3.44%)
POWER 10.20 Decreased By ▼ -0.50 (-4.67%)
PPL 89.79 Decreased By ▼ -1.18 (-1.3%)
PRL 26.40 Decreased By ▼ -1.05 (-3.83%)
PTC 8.62 Decreased By ▼ -0.19 (-2.16%)
SILK 1.35 Decreased By ▼ -0.05 (-3.57%)
SNGP 41.25 Decreased By ▼ -2.50 (-5.71%)
TRG 143.25 Decreased By ▼ -4.45 (-3.01%)
UNITY 29.97 Decreased By ▼ -1.23 (-3.94%)
WTL 1.43 Decreased By ▼ -0.09 (-5.92%)
BR100 4,894 Decreased By ▼ -121.87 (-2.43%)
BR30 25,276 Decreased By ▼ -854.72 (-3.27%)
KSE100 45,369 Decreased By ▼ -788.51 (-1.71%)
KSE30 18,930 Decreased By ▼ -377.95 (-1.96%)
Markets

CBOT corn targets $3.85 per bushel

The surge on Tuesday looks strong enough to confirm a break above $3.80-1/2. Corn may extend its gains to $3.8
19 Feb 2020
  • The surge on Tuesday looks strong enough to confirm a break above $3.80-1/2.
  • Corn may extend its gains to $3.86-1/2.

SINGAPORE: CBOT March corn may break a resistance at $3.80-3/4 per bushel and rise towards $3.85.

The resistance is identified as the 38.2pc retracement of the downtrend from $3.94 to $3.76. Before overcoming this barrier, corn may retreat moderately to $3.81, a support established by a falling trendline.

The contract has climbed above a bullish wedge, which was confirmed as a bullish pattern, suggesting a target around $3.94. A realistic target will be $3.85, which will be available when corn rises above $3.83-1/4.

On the daily chart, a bottom could be developing around a support at $3.76-3/4, the 14.6pc retracement of the downtrend from $4.11-3/4 to $3.71.

The surge on Tuesday looks strong enough to confirm a break above $3.80-1/2. Corn may extend its gains to $3.86-1/2.