Corn

CBOT corn may gain into $6.13 to $6.17-1/2 range – Markets

SINGAPORE: CBOT March corn may break a resistance at $6.08-1/2 per bushel and gain into $6.13 to $6.17-1/2 range.

The contract managed to stay above a rising trendline. The uptrend is presumed to be steady.

It may extend to Dec. 28, 2021 high of $6.17-3/4 again.

Support is at $6.00-3/4, a break below which could signal an extension of the correction from $6.17-3/4, towards $5.88-3/4.

On the daily chart, the contract seems to be accumulating momentum to break a resistance range of $6.07-1/2 to $6.08-3/4. A break could open the way towards a target zone of $6.14-1/4 to $6.25-3/4.

A triangle is contracting to a point.

Strong move is expected to occur on Monday or Tuesday.

Even though the market is biased to move up, a fall below the lower trendline support of $5.98 could confirm the triangle as a bearish pattern.

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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