SINGAPORE: CBOT corn may extend its gains into a range of $7.54-1/4 to $7.66 per bushel, as it has managed to stabilized around a support zone of $7.28-1/4 to $7.35-1/4.
The stabilization suggests a completion of the fall from the March 31 high of $7.70.
Corn may retest a falling trendline, which establishes a resistance around $7.66 as well.
The current rise is classified as a resumption of the uptrend from the March 29 low of $7.13-1/2.
CBOT corn biased to test resistance at $7.66
A break below $7.35-1/4, however, would make this classification invalid.
On the daily chart, the consolidation from $7.82-3/4 is shaped into a flag, which looks like a bullish continuation pattern.
The flag will be confirmed when corn breaks $7.61-1/4.
A break below $7.32-3/4 may open the way towards $7.15-1/4.
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