SINGAPORE: CBOT corn may rise into a range of $7.06-1/4 to $7.11-1/4 per bushel, as suggested by a rising channel and a projection analysis.
The uptrend remains firm within the channel, which indicates a target of $7.19-1/2.
A realistic target could be either $7.06-1/4 or $7.11-1/4.
A wave 5 could be driving the trend. It is the final wave of a small five-wave cycle from the Sept. 28 low of $6.61-1/2.
This wave count indicates a very limited upside.
Support is at $6.92-3/4, a break below which could open the way towards $6.84-3/4 to $6.88-3/4 range.
CBOT corn may retest support of $6.88-3/4
On the daily chart, the contract broke a resistance at $6.88 and completed a pullback towards this level. The next resistance will be at $7.17-3/4.
A close below $6.84 on Friday will be a bearish sign that corn may fall towards $6.64 thereafter.
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