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.

Source link

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button