CBOT corn may test support at $5.65-1/4
- The deep drop from the Thursday high of $5.94-1/4 signals a completion of the wave (c)
SINGAPORE: CBOT corn may test a support at $5.65-1/4 per bushel, a break below which could cause a fall into $5.47-3/4 to $5.57-1/4 range.
The strong but weird rise on Thursday could have been driven by a wave (c), the final wave of a three-wave cycle from $5.07. This wave narrowly missed its ultimate target of $5.98-1/4.
The deep drop from the Thursday high of $5.94-1/4 signals a completion of the wave (c). A break above $5.73 may lead to a gain of $5.82-1/2.
On the daily chart, corn is expected to consolidate further within a wedge. There might be a total of five waves making up the wedge.
Wheat up 2-3 cents, corn down 1-2 cents, soyabeans down 3-5 cents
An upward wave d may have just completed. The downward wave e has started, unfolding towards the lower trendline around $5.43.
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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