SINGAPORE: CBOT corn may test a resistance at $6.28-1/2 per bushel, a break above which could open the way towards $6.32-3/4 to $6.40 range.
The contract stays above a rising trendline.
The uptrend looks intact. It could be extending towards the Aug. 12 high of $6.40-1/2.
A break below $6.17-1/4 could violate the trendline.
A bearish target of $6.10-1/4 will be established accordingly.
As long as corn hovers above the trendline, the uptrend will be deemed steady.
On the daily chart, the contract seems to have resumed its uptrend after a stabilization around a support of $6.09-3/4 and above a rising trendline.
An upward wave c is unfolding towards $6.36-3/4.
It is capable of travelling to $6.53-1/2. A break below $6.18-1/4 could open the way towards $5.99-1/2 to $6.09-3/4 range.
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