SINGAPORE: CBOT corn may retest a resistance at $6.84-3/4 per bushel, as it failed twice to break a support at $6.73-3/4.
The failures suggests the formation of a temporary bottom.
Corn may consolidate further in the range of $6.73-1/4 to $6.84-3/4.
A break above $6.84-3/4, which looks very unlikely, may lead to a gain into $6.88-3/4 to $6.92-3/4 range.
A break below $6.73-3/4 could open the way towards $6.61-1/2, the Sept. 28 low.
On the daily chart, trending signals remain bearish.
The downtrend from the Oct. 10 high of $7.06-1/2 is at its early stage.
Corn is riding on a downward wave (C), which could travel to $5.61-3/4.
Corn firms from near two-week low, but demand concerns cap gains
These waves are controlled by two sets of retracements on the falls respectively from $7.66-1/4 and from $7.49-1/4.
The support at $6.77-1/2 seems to have slowed down the drop.
It may trigger a weak bounce.
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