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Sunday, October 2, 2022

CBOT corn may retest resistance at $7.82

SINGAPORE: CBOT corn may retest a resistance at $7.82 per bushel, a break above which could lead to a gain into $7.89 to $7.93-1/2 range.

The drop triggered by the resistance on June 9 has been totally reversed.

The reversal signals a continuation of the uptrend. The trend has been closely controlled by a set of projection levels on the rise from $7.25-3/4.

A falling trendline points a target zone of $7.89 to $7.93-1/2.

A break below $7.74-3/4 could trigger a drop into $7.58-3/4 to $7.65-3/4 range.

CBOT corn may extend gains into $7.75-3/4 to $7.82-1/2 range

On the daily chart, the rise from the June 1 low of $7.20-1/2 is presumably driven by a wave B, the second wave of a three-wave cycle from the April 29 high of $8.24-1/2.

This wave may end around a falling trendline, which established a resistance about $7.85.

A brief piercing above the trendline might be likely.

The upside, however, could be limited to $7.95-3/4.

CBOT corn may retest resistance at .82

Source: Brecorder

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