CBOT corn may retest resistance at $5.57-1/4
- At least, this wave could extend to $5.60-1/4. Support is at $5.50-1/4, a break below which could cause a fall to $5.44-1/4
SINGAPORE: CBOT corn may retest a resistance at $5.57-1/4 per bushel, a break above which could lead to a gain into $5.60-1/4 to $5.70-1/2 range.
The bounce from the Aug. 23 low of $5.29-1/2 has extended. It is riding on a wave c which may travel to $5.70-1/2. A confirmed flag suggests a similar target.
At least, this wave could extend to $5.60-1/4. Support is at $5.50-1/4, a break below which could cause a fall to $5.44-1/4.
On the daily chart, the contract broke a resistance at $5.47-3/4.
The break opened the way towards $5.65-1/2. The downtrend may resume when the bounce ends in the range of $5.65-1/2 to $5.76-1/2, as a wave c from $5.94-1/4 looks incomplete, which is expected to travel into $4.73 to $5.19-1/4 range.
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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