Markets
CBOT corn may retest resistance at $3.30
The correction triggered by the resistance at $3.30 was much deeper than expected.
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SINGAPORE: CBOT July corn may retest a resistance at $3.30 per bushel, a break above could lead to a gain at $3.32-1/4.
The contract is riding on a wave C from $3.16, which is expected to travel to $3.32-1/4, its 100pc projection level.
The correction triggered by the resistance at $3.30 was much deeper than expected.
However, the wave C looks incomplete. It may have resumed. A break below $3.26 may cause a fall to $3.24.
On the daily chart, the contract has broken a resistance at $3.24-1/4, the 100pc projection level of a downward wave C from $4.20.
It has completed a pullback towards $3.24-1/4 as well.
Chances are it may gain more towards $3.37-1/4.
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