SINGAPORE: CBOT March corn may break a resistance at $6.27-1/2 per bushel and rise into $6.33 to $6.40-3/4 range, driven by a wave (c).
This wave (c) started at $5.85-1/2.
It is expected to travel to $6.40-3/4, the 100% projection level.
A pennant from $5.62-1/2 suggests a similar target.
The correction triggered by the resistance at $6.27-1/2 has been basically limited above a support at $6.19-1/2 on Thursday.
This mild move signals a prevailing bullish sentiment.
CBOT corn may hover below $6.19-1/2
A break below $6.19-1/2 could cause a fall to $6.13. On the daily chart, the contract is riding on a wave c from $5.62-1/2.
This wave count is different from the one on the hourly chart. However, both the counts point north.
The wave c is expected to travel to $6.49-1/4.
Corn is about to break $6.28-3/4 and gain more towards this level. Confirmation of a break could be a surge above the Jan. 25 high of $6.31.
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