SINGAPORE: CBOT July corn is biased to retest a resistance at $3.31 per bushel, a break above which could lead to a gain to $3.33-1/4. A rising channel remains intact.
It signals a steady uptrend which may extend above the June 8 high of $3.34-3/4.
It is critical that corn stays above a support at $3.28-1/4, the 76.4pc projection level of an upward wave C from $3.16, as a break below $3.28-1/4 may cause a fall to $3.26.
The steady uptrend will look very doubtful then.
On the daily chart, the rise on Thursday was due to a support at $3.24-1/4, the 100pc projection level on a downward wave C from $4.20.
The strong momentum indicates a good chance of corn to break the resistance at $3.30-3/4.
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