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Friday, September 30, 2022

CBOT corn may test support at $6.20-3/4

SINGAPORE: CBOT corn may test a support at $6.20-3/4 per bushel, a break below could open the way towards $6.13-1/2 to $6.17-1/4 range.

The drop triggered by the resistance at $6.40 may consist of three waves.

So far, only two waves have unfolded.

The wave c may travel below $6.17-1/4, which is near the bottom of the wave a.

A break above $6.28-1/2 may lead to a gain into $6.32-3/4 to $6.40 range.

On the daily chart, a hanging-man pattern forming on Aug. 12 suggests a completion of the wave c or its first part.

CBOT corn may test support at $6.25-1/4

A rising trendline indicates a further drop to $6.09-3/4.

However, the downside could be very limited, due to the completion of a five-wave cycle from $7.78-3/4 This cycle is expected to be further reversed.

A break above $6.36-3/4 could open the way towards $6.53-1/2 to $6.63-3/4 range.

CBOT corn may test support at .20-3/4

Source: Brecorder

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