SINGAPORE: CBOT corn may retest a resistance at $7.78-1/2 per bushel, as it is trying to establish an uptrend within a rising channel.
The trend developed after a reversal of the downtrend from the April 29 high of $8.24-1/2.
The downtrend consists of three waves, with the wave A the wave C being equal. The equality confirms a completion of this three-wave cycle.
The current uptrend could be extending towards the peak of the wave B at $8.10-1/4. Support is at $7.69, a break below which may cause a fall to $7.64-3/4.
CBOT corn may test resistance at $7.73-1/4
On the daily chart, a bounce has occurred, which could be as decent as the one from the May 9 low of $7.69.
A falling channel suggests a target of $7.95-3/4. The bounce will be confirmed as an uptrend resumption if corn could break above $7.95-3/4.
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