Home » Featured Blocks » CBOT corn may fall into $6.61-1/2 to $6.63-3/4 range

CBOT corn may fall into $6.61-1/2 to $6.63-3/4 range

CBOT corn may fall into $6.61-1/2 to $6.63-3/4 range

SINGAPORE: CBOT March corn may fall into $6.61-1/2 to $6.63-3/4 range, following its failure to break a resistance at $6.72-3/4 per bushel. Altogether, corn has failed three times since Nov. 25.

The failures confirm a completion of the wave c from $6.58-1/4.

This wave has a very slim chance to extend to $6.81-3/4.

A bearish wedge comes into play gain, the lower trendline of which points at a target around $6.59-3/4.

A realistic target is $6.63-3/4.

CBOT corn poised to rise into $6.76 to $6.81-3/4 range

Resistance is at $6.70, a break above could lead to a gain at $6.72-3/4.

On the daily chart, the doji on Tuesday marked the completion of a consolidation from the Nov. 15 low of $6.53-1/2.

Corn is expected to fall towards $6.57.

Once it breaks this level, a pennant will be confirmed, suggesting a target around $6.02.

Source: Business Recorder

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