SINGAPORE: Signals are mixed for CBOT May corn as it is not clear if the rebound from $5.99-1/2 has completed.
The rebound either has developed just one wave or will develop three waves, making it very difficult to bet on the following move.
A support at $6.10-1/2, the 61.8 percent retracement on the rebound from $5.99-1/2 to $6.28-1/2, has stopped the fall from $6.28-1/2, increasing the chance of corn hovering above this level for one trading session.
A drop below $6.09-1/2 will extend to $5.99-1/2.
No information in this analysis should be considered as being business, financial or legal advice. 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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