SINGAPORE: CBOT July corn faces a resistance at $3.78-1/2 per bushel, but it may retrace to $3.74-1/4 before retesting this barrier.
The resistance is provided by the 100 percent Fibonacci projection level of an upward wave C, the third wave of a three-wave cycle from the March 27 low of $3.61-3/4.
Corn seems to have lost its bullish momentum around this resistance. It may pull back towards the trendline falling from the Feb. 28 high of $3.93. A break above $3.78-1/2 could lead to a gain to $3.81, while a break below $3.74-1/4 may cause a loss to $3.71-1/2.
No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses. **
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