SINGAPORE: CBOT corn may rise to $6.90-3/4 per bushel, as it has more or less broken a resistance at $6.79-3/4. A small double-bottom formed around a support of $6.67-1/4. It suggests a target of $6.90-3/4.
The following rise will be driven by a wave B, the second wave of a three-wave cycle from the Sept. 12 high of $6.99-1/2.
The wave B could end around $6.90-3/4, to be then reversed by a downward wave C.
Support is at $6.73, a break below which may open the way towards the $6.62-1/4 to $6.67-1/4 range.
On the daily chart, corn may retest a resistance of $6.88, with a slim chance of breaking above this level and rising more, as the uptrend from $5.61-3/4 may have reversed.
The bearish divergence on RSI also suggests a deep fall rather than a rise.