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Friday, October 22, 2021

CBOT corn may fall to $5.22

SINGAPORE: CBOT corn may break a support at $5.28 per bushel, and fall to $5.22.

The bounce from $4.97-1/2 may have completed, as suggested by its three-wave structure and a break below a rising trendline.

The consolidation above $5.28 could be temporary. It may end on Tuesday. Over the next few days, corn may drop towards the bottom of the wave b at $5.12-3/4.

A retracement analysis on the downtrend from $5.94-1/4 suggests a target of $5.20-1/4, as corn has broken a support at 5.34-1/4.

On the daily chart, corn has broken a support at $5.33-1/2.

It is supposed to fall towards the next support at $5.19-1/4. The sideways move over the past few days is due to a pullback towards $5.33-1/2.

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.

CBOT corn may fall to .22

Source: Brecorder

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