Friday, 13 March 2015 11:49
SINGAPORE: CBOT May corn looks neutral in a range of $ 3.86-1/4 to $ 3.91-1/4 per bushel, and an escape could point a direction.
The range has been formed by the 23.6 percent and the 61.8 percent Fibonacci retracements on the fall from the Feb. 27 high of $ 3.96-1/4 to the March 6 low of $ 3.83-1/4.
This range is within the two trendlines of a wedge, which is ending, as it is contracting to a point. A strong move could be seen very soon.
A drop below $ 3.86-1/4 could be extended to $ 3.83-1/4 while a break above $ 3.91-1/4 could lead to a further gain into a range of $ 3.93 to $ 3.94-1/2.
Copyright Reuters, 2015
