CBOT corn may fall to $5.47-3/4
- On the daily chart, the contract faces a resistance at $5.59-1/4
SINGAPORE: CBOT corn may fall to $5.47-3/4 per bushel, as it seems to have lost its bullish momentum around a resistance at $5.57-1/4.
It would be difficult for the contract to climb into $5.65-1/4 to $5.73 range if it suffers from a weak momentum. It tends to drop towards $5.47-3/4 unless it could hover around $5.57-1/4.
Corn seems to be slowly moving up within a wedge, which suggests a fall towards $5.47-3/4 as well. A rise to $5.62 could confirm the continuation of the uptrend towards $5.65-1/4 to $5.73 range.
On the daily chart, the contract faces a resistance at $5.59-1/4.
Pakistan’s upcoming maize challenge
Even though a white candlestick formed on Wednesday, corn failed to close above this level.
A break above this resistance will be confirmed when the contract climbs to $5.62. A bullish target of $5.75-1/2 will be established accordingly.
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