SINGAPORE: CBOT corn may retest 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. Until it breaks a support at $6.09, the trend will be deemed intact and may extend towards $6.40.
A break below $6.09, however, would be a very bearish signal that the uptrend from $5.61-1/2 has reversed.
A target zone of $5.91-1/2 to $6.01 will be established accordingly.
On the daily chart, a five-wave cycle from $7.78-3/4 has ended.
It is supposed to be further reversed.
CBOT corn may test resistance at $6.17-1/4
The bounce from $5.61-1/2 simply looks too short to complete.
A retracement analysis on the cycle reveals a support at $6.12-3/4, which still holds.
It is working together with the one at $6.09-3/4 to prevent a further fall.
As long as corn hovers above $6.09-3/4, the uptrend is likely to resume towards $6.53-1/2.
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