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Tuesday, May 30, 2023

CBOT corn may retest resistance at $6.38-1/2

SINGAPORE: CBOT May corn may retest a resistance at $6.38-1/2 per bushel, with a good chance of breaking above this level and rising towards $6.42-3/4 to $6.46-1/2 range.

The consolidation below the resistance begins to take the shape of a flat, which is regarded as a bullish continuation pattern.

The preceding uptrend from the March 10 low of $6.06-3/4 may have continued, towards $6.53, as suggested by the flat.

A more bullish flag will be confirmed once corn breaks $6.38-1/2. It will point at a higher target of $6.65.

CBOT corn biased to rise into $6.35-1/4 to $6.38-1/2 range

Key support is at $6.30-1/2, a break below which may be followed by a drop into $6.22-1/4 to $6.25-1/2 range. On the daily chart, corn remains neutral in a zone of $6.27-1/4 to $6.38-1/4.

A break below $6.27-1/4 could open the way towards $6.09-1/2 to $6.15-1/2 range.

However, following its stabilization around $6.27-1/4, corn seems more likely to break $6.38-1/4 and rise into $6.47-$6.56 range.

CBOT corn may retest resistance at .38-1/2

Source: Brecorder

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