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SINGAPORE: CBOT corn may end its bounce around a resistance at $7.69-1/2 and retest a support at $7.67-1/2 per bushel.
The drop from $8.00 looks deep enough to confirm a reversal of the uptrend from $7.20-1/2 and a continuation of the downtrend from the April 29 high of $8.24-1/2.
The low at $7.20-1/2 is expected to be revisited in due course.
A break above $7.69-1/2 may lead to a gain to $7.81.
On the daily chart, the shooting star on June 17 has been confirmed as a typical reversal pattern by the deep drop on Tuesday.
The contract is riding on a wave c which may travel into $7.15 to $7.30-1/2 range.
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