CBOT corn may rise into $6.00-1/4 to $6.07 range
- This could be a bullish continuation pattern or a top pattern, depending on the subsequent break above the upper trendline or below the lower trendline.
SINGAPORE: CBOT May corn may rise into a range of $6.00-1/4 to $6.07 per bushel, as pointed by a rising trendline.
The contract has cleared a resistance at $5.96-1/4, the next resistance will be at $6.00-1/4. Corn failed to break $6.00-1/4 in its first attempt on April 15, it may succeed in its current attempt.
A break below $5.93-3/4 may be followed by a drop to $5.89-3/4 again. The uptrend is developing within a rising wedge which is contracting to a point.
This could be a bullish continuation pattern or a top pattern, depending on the subsequent break above the upper trendline or below the lower trendline.
On the daily chart, the uptrend from $3.74-1/2 is developing in a zigzag mode, towards $6.19-1/4. Wave pattern suggests the progress of a wave 5. Based on this wave classification, the wedge may turn out to be a top pattern.
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.
Comments
Comments are closed.