SINGAPORE: CBOT corn may retest a resistance at $7.41-1/2 per bushel, due to the completion of a five-wave cycle from $7.80-1/2. This cycle is a part of big wave C from $8.10-1/4.
Coincidentally, the wave C may have completed as well. Such a coincidence triggered a decent bounce which may roughly match the one from the from the May 25 low of $7.55.
Immediate support is at $7.27, a break below which may cause a fall to $7.20-1/4. Only a further drop could confirm the continuation of the downtrend towards $7.12-1/4.
US MIDDAY: Wheat and corn higher
On the daily chart, the doji forming on Thursday signals a temporary dissipation of the bearish momentum.
It could be an indicator preceding to a decent bounce.
However, bulls are advised not to expect too much from this bounce, as the downtrend still shows no reversal signal yet.
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