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Monday, January 30, 2023

CBOT corn may rise into $6.80 to $6.85 range

SINGAPORE: CBOT March corn may break a resistance at $6.76-1/4 per bushel, and rise into $6.80 to $6.85 range.

So much of the drop from $6.85 has been reversed that this high may be revisited soon.

The contract is presumed to be riding on a wave C, which may travel to $6.98-1/4.

However, the impulsive wave structure of the wave B looks a bit unfit to the wave count.

Either this wave count is incorrect, or the wave B is very exceptional.

A break below $6.70-3/4 could be followed by a drop into $6.62-1/4 to $6.66-1/2 range.

South Korea’s MFG tenders for up to 70,000 tonnes corn

On the daily chart, corn is retesting a resistance at $6.78 and a falling trendline.

The correction from the Dec. 30, 2022 high of $6.85 could have prepared bulls with sufficient momentum to overcome this barrier and drive the price towards $6.90-3/4.

CBOT corn may rise into .80 to .85 range

Source: Brecorder

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