SINGAPORE: CBOT Might corn could break a resistance at $6.67-1/4 per bushel and rise to $6.75. The contract is driving on a strong wave c, which is predicted to journey to $6.75, its 161.8% projection stage.
An inverted head-and-shoulders suggests the identical goal.
The goal of $6.75 falls inside a congestion zone outlined by a wedge.
Likelihood is the uptrend could both pause or reverse round $6.75.
Assist is at $6.62-3/4, a break under which might set off a drop into $6.55-1/4 to $6.59-3/4 vary.
On the every day chart, a falling trendline suggests an extra achieve to $6.73-3/4.
The next transfer of the contract after reaching $6.73-3/4 will probably be essential in offering the medium-term trending sign.
CBOT corn could fall into $6.39-1/4 to $6.43 vary
A break above $6.73-3/4 might point out a continuation of the uptrend from 2022 low of $5.62 (steady chart), whereas a failure to beat this barrier is more likely to be adopted by a deep drop in direction of $6.09.