CBOT corn may test resistance at $3.22

• This wave seems to have resumed, after being disrupted by a swift correction on May 26.
• Support is at $3.19-3/4, a break below which could cause a fall into the range of $3.16 to $3.18-1/4.

SINGAPORE: CBOT July corn may test a resistance at $3.22 per bushel, a break above which could lead to a gain to $3.24.

The resistance is identified as the 38.2pc projection level of a presumed wave C from $3.16.

This wave seems to have resumed, after being disrupted by a swift correction on May 26.

Support is at $3.19-3/4, a break below which could cause a fall into the range of $3.16 to $3.18-1/4.

On the daily chart, the contract is moving sideways in a neutral zone of $3.17-1/2 to $3.24-1/4, formed by the 107pc and 100pc projection levels of a downward wave C from $4.20.

A rise above $3.24-1/4 could be extended to $3.37-1/4 while a break below $3.17-1/2 could confirm the continuation of the wave C towards $3.10-1/4.