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Tuesday, May 17, 2022

CBOT corn may rise into $6.33 to $6.40-3/4 range

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.

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 rise into .33 to .40-3/4 range

Source: Brecorder

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