CBOT corn may retest resistance at $6.00-1/4

SINGAPORE: CBOT May corn may have completed a correction triggered by the resistance at $6.00-1/4 per bushel. It is expected to retest this barrier.

The correction failed to extend below a support at $5.83. The failure suggests a completion.

The uptrend from $5.33-3/4 may have resumed.

Support is at $5.89-3/4, a break below which could complicate the picture, as signals will remain neutral until corn gets out of a range of $5.83 to $5.93-3/4.

On the daily chart, the uptrend from $3.74-1/2 keeps steady. It has been developing in a zigzag mode.

After a stabilization around a support at $5.86-1/2, the contract may have resumed its uptrend.

A rising trendline suggests a target of $6.19-1/4.

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