SINGAPORE: CBOT corn is biased to rise to $6.22-1/2 per bushel, as it pierced above a resistance at $6.07 again.
The repeated tests on this barrier only clearer signal of the bounce from the July 13 low of $5.84-3/4 to extend towards $6.22-1/2.
Whether corn could extend more towards $6.47-3/4 is subject to a further observation.
A break above $6.22-1/2 would probably confirm this extension.
CBOT corn firms with US weather in focus
A break below $5.94 may confirm the continuation of the downtrend towards $5.73-3/4 to $5.86-1/4 range.
On the daily chart, corn stabilized around the support at $5.95 again.
The stabilization significantly increases the chance of the price to bounce towards $6.30.
Comments
Comments are closed.