SINGAPORE: CBOT corn may test a support at $5.25 per bushel, a break below which could cause a fall into $5.18-1/2 to $5.22 range.
The rise from $5.12-3/4 is presumed to be driven by a wave b, the second wave of a downtrend from $5.37-1/2.
This wave failed to overcome a barrier at $5.31-1/2. The failure suggests the development of a wave c.
A break above $5.31-1/2 could lead to a gain to $5.37-1/2.
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.