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SINGAPORE: CBOT March corn may retest resistance at $6.05-1/2 per bushel, a break above which could lead to a gain to $6.13.
The contract is riding on a wave c, which has travelled above a key resistance at $6.00-3/4, its 61.8% projection level. Chances are it may extend to $6.13.
Not only the resistance at $6.00-3/4, but also a rising trendline has been broken. A pullback towards the line has completed as well. The market does not seem to have many choices, but to rise towards $6.13.
A break below $6.00-3/4 could cause a fall into $5.93-1/2 to $5.97-1/4 range. On the daily chart, corn has climbed above a bullish wedge/pennant, which suggests a target of $6.25-3/4.
A drop will be regarded as a pullback towards the upper trendline of the wedge.
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