CBOT corn may rise to $6.74-3/4

SINGAPORE: CBOT March corn may break a resistance at $6.61-3/4 per bushel, and rise to $6.74-3/4.

The correction triggered by the resistance has been almost been reversed.

The reversal signals a continuation of a wave (c) from $5.85-1/2. This wave is capable of travelling to $6.74-3/4, which is suggested by the depth of the correction as well.

CBOT corn may fall further into $6.27-1/2 to $6.33 range

Support is at $6.48-3/4, a break below which could cause a fall into $6.33 to $6.40-3/4 range.

On the daily chart, the drop on Feb. 10 proved to be a pullback towards $6.40-1/2, the May 7, 2021 high.

The bearish shooting star failed to work and has been made invalid by the subsequent rise.

With corn having overcome the key barrier at $6.49-1/4, it has a better chance of extending into $6.82-1/4 to $7.02-3/4 range.

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