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.
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