CBOT corn may fall to $7.67-3/4

SINGAPORE: CBOT corn is poised to break a support at $7.75-3/4 per bushel, and fall to $7.67-3/4.

The sharp bounce triggered by this support is classified a pullback towards a rising trendline.

With the pullback having been almost reversed, a wave C from $8.10-1/4 may have resumed.

This wave could travel to $7.54-3/4 in its full capacity.

CBOT corn may test support at $7.75-3/4

A break above $7.82-1/2, however, will not only lead to a gain to $7.89 but also suggest a completion of this wave C.

On the daily chart, a five-wave cycle from $5.12-3/4 is believed to have ended at the April 29 high of $8.24-1/2.

The current correction could be extending towards the range of the wave (4) from $6.93-1/4 to $7.47.

The uptrend may extend, if the support at $7.70-3/4 holds.