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Monday, September 26, 2022

CBOT corn biased to rise to $6.22-1/2

SINGAPORE: CBOT corn is biased to rise to $6.22-1/2 per bushel, as it pierced above a resistance at $6.07 again.

The repeated tests on this barrier only clearer signal of the bounce from the July 13 low of $5.84-3/4 to extend towards $6.22-1/2.

Whether corn could extend more towards $6.47-3/4 is subject to a further observation.

A break above $6.22-1/2 would probably confirm this extension.

CBOT corn firms with US weather in focus

A break below $5.94 may confirm the continuation of the downtrend towards $5.73-3/4 to $5.86-1/4 range.

On the daily chart, corn stabilized around the support at $5.95 again.

The stabilization significantly increases the chance of the price to bounce towards $6.30.

CBOT corn biased to rise to .22-1/2

Source: Brecorder

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