SINGAPORE: CBOT July corn may test a resistance at $6.18 per bushel, as it has pierced above a lower resistance at $6.11. The consolidation within a box could be ending.
A bullish continuation pattern has taken shape. It will be confirmed when corn stands firm above $6.11. The consolidation is regarded as a part of a wave C, which is capable of travelling to $6.41.
Support is at $6.04, a break below which could trigger a drop to $5.95-1/4. On the daily chart, the contract is poised to rise far above a resistance at $6.07-1/2, after many days of sideways move.
It may have accumulated enough bullish momentum to break a falling trendline and surge towards $6.26-1/4.
The current uptrend is expected to be as strong as the one from the July 22, 2022 low of $5.74-1/4, as a wave (C) from $7.05-1/2 may have completed.
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