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SINGAPORE: CBOT July corn may edge up to $3.70-1/2 per bushel, as it has broken above a resistance at $3.68-1/2.

The resistance was provided by the 38.2 percent Fibonacci projection level of a downward wave c, the third wave of a presumed three-wave cycle from the May 1 high of $3.79.

The next resistance will be at $3.70-1/2, a break above which could lead to a further gain into the range of $3.71-3/4 to $3.74. This resistance is strengthened by another similar one established by a falling trendline. Corn may fail to break above $3.70-1/2 at its first attempt.

A break below $3.68-1/2, now a support, could cause a loss to $3.67.

Copyright Reuters, 2017

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