SINGAPORE: CBOT March corn may test a resistance at $6.27-1/2 per bushel, a break above which could lead to a gain to $6.33.
The contract stabilized around a support at $6.13.
The stabilization signals a completion of the correction from the Jan. 31 high of $6.42-1/2.
Most likely, the uptrend from $5.85-1/2 has resumed. After breaking the resistance at $6.19-1/2, the contract may test the next resistance at $6.27-1/2.
Turkey tenders to buy 325,000 tonnes of corn
A break below $6.19-1/2, now a support, may cause a fall into $6.06-1/2 to $6.13 range.
On the daily chart, the drop over the past few days has much to do with the resistance at $6.40-1/2, the May 7, 2021 high.
The drop could be regarded as a preparation for retesting the resistance. With corn having climbed above $6.16, it may first test the nearest resistance at $6.28-3/4.
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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