SINGAPORE:Due to its strong recovery from the March 20 low of $6.25, CBOT May corn is likely to break through resistance at $6.33-1/2 and move into a range of $6.35-1/4 to $6.38-1/2 per bushel.
The recovery suggests that the bounce from the low of $6.06-3/4 on March 10 will continue to the peak of wave 4 at $6.42-3/4.
Strategically, only when corn breaks $6.33-1/2 will the target range of $6.35-1/4 to $6.38-1/2 be available. A fall into the $6.22-1/4 to $6.25-1/2 range could follow a break below the support level of $6.28-1/2.
Corn is stuck in a range of $6.27-1/4 to $6.38-1/4 on the daily chart, which indicates that there are mixed signals. Escape from the range would indicate a course. The support at $6.27-1/4 undoubtedly sparked Monday’s robust rise on the hourly chart.
Chicago board of trade (CBOT) corn to rise UpTo $6.42-3/4 Range
While its ability to maintain its bullish momentum is still in doubt., Readings on the hourly diagram proposes a potential gain inclination. A move above $6.38-1/4 could open the way for a range between $6.47 and $6.56.