SINGAPORE: CBOT March corn faces a resistance at $6.40-3/4 per bushel, a break above which could lead to a gain to $6.48-3/4 to $6.53-3/4 range.
The contract is riding on a wave (c), which started at $5.85-1/2. This wave may either end at $6.40-3/4, or extend into $6.61-3/4 to $6.74-3/4 range.
A failure to break the resistance could be followed by a drop into $6.27-1/2 to $6.33 range. For a confirmation of a break above $6.40-3/4, corn probably needs to climb to $6.43.
On the daily chart, the contract is riding on a wave c from $5.62-1/2. It has broken a resistance at $6.37-1/4 and is expected to test the next resistance at $6.43, the last barrier towards $6.49-1/4.
CBOT corn to rise towards $6.27-1/2 to $6.40-3/4 range
The behaviour of the contract around $6.40-1/2, the May 7, 2021 high, remains unclear.
The current strong momentum suggests a rise to $6.49-1/4 followed by a pullback towards $6.40-1/2.
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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