CBOT corn may retest resistance at $6.73-3/4
- On the daily chart, the contract failed to break a resistance at $6.72-1/4. The failure won't mean anything if corn closes above $6.59-1/2 on Monday.
SINGAPORE: CBOT May corn may retest a resistance at $6.73-3/4 per bushel, a break above which could lead to a gain to $6.80-1/4.
Even though the contract failed to break this resistance, there is no trend reversal signal yet. The contract may extend its gains into a range of $6.80-1/4 to $6.84-1/4.
Another projection analysis on a wave iii from $5.49-3/4 reveals a target of $6.83-3/4, the 261.8% level. Support comes in at $6.63, a break below which could cause a fall into $6.52-1/4 to $6.56-1/4 range.
On the daily chart, the contract failed to break a resistance at $6.72-1/4. The failure won't mean anything if corn closes above $6.59-1/2 on Monday.
A close below this level could be followed by a correction into $6.39-1/2 to $6.52 range.
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