SINGAPORE: CBOT March corn looks neutral in a range of $5.83-3/4 to $5.95-1/2 per bushel, and an escape could suggest a direction.
The range is formed by the 138.2% and the 161.8% projection levels of an upward wave c from $5.16-1/4.
A break above $5.95-1/2 could signal an extension of this wave towards a zone of $6.02-1/2 to $6.07-1/2.
A bullish wedge will be confirmed when corn climbs to $6.07-1/2. It will suggest a target of $6.30.
A break below $5.83 target of $5.72-1/4 will be established accordingly.
On the hourly chart, corn is likely to break a resistance and climb into a range of $5.97-1/4 to $6.00-3/4, driven by a wave c.
This wave seems to have resumed after being disrupted by a deep correction on Wednesday.
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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