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Sunday, October 2, 2022

CBOT corn to retest resistance at $5.86-1/4

SINGAPORE: CBOT corn is expected to retest a resistance at $5.86-1/4, following its failure to break a support at $5.66-1/4 per bushel.

The failure is coupled with a bullish divergence on the hourly RSI, suggesting the formation of a temporary bottom around the support.

The contract may bounce further, to keep pulling back towards a triangle.

However, such patterns are generally less reliable.

CBOT corn targets $5.54

A break above $5.86-1/4 could make the triangle invalid.

A fall below the July 22 low of $5.62 may be extended into the range of $5.34-1/4 to $5.54.

On the daily chart, the downtrend from $7.78-3/4 remains steady within a falling channel.

It is riding on a wave e, which may travel into $5.21-3/4 to $5.51-1/2 range. Only that the journey towards the target zone may not resume until the current bounce is over.

CBOT corn to retest resistance at .86-1/4

Source: Brecorder

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