CBOT corn may rise to $7.19-1/4
- Support is at $6.81-1/2, a break below which could cause a fall to $6.70.
SINGAPORE: CBOT corn may break a resistance at $7.00-1/4 per bushel, and rise to $7.19-1/4, as pointed by a rising trendline.
The contract is riding on a wave 5, which has travelled close to $7.00-1/4, the 261.8% projection level of the preceding wave 3.
Based on the depth of the wave 4, the wave 5 may extend to $7.38, which is higher than $7.19-1/4.
Support is at $6.81-1/2, a break below which could cause a fall to $6.70.
On the daily chart, the uptrend from $5.52-3/4 is developing, which is riding on a wave v.
This is the last wave of a bigger wave (iii).
Such a complex wave structure confirms a steady uptrend from $5.18-1/4, which looks far from complete.
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