SINGAPORE: CBOT corn may test a resistance at $6.17-1/4 per bushel, a break above which could open the way towards $6.20-3/4 to $6.25-1/4 range.
The contract managed to hover above a rising trendline.
The uptrend from $5.61-1/2 temporarily remains intact. A resistance at $6.13-1/2 has been broken.
The break suggests a further gain into $6.20-3/4 to $6.25-1/4 range.
A break below $6.09 could trigger a drop to $6.01-3/4.
On the daily chart, the uptrend from the July 22 low of $5.61-1/2 is expected to extend to $6.53-1/2, as a five-wave cycle from $7.78-3/4 has completed.
The stabilization of the price around a support at $6.09-3/4 sends an early signal that the correction from the Aug. 12 high of $6.40-1/2 is over.
Corn may rise towards the resistance at $6.36-3/4 again.