SINGAPORE: CBOT corn may bounce to $6.86-1/2 per bushel, as it has broken a resistance at $6.82-3/4.
The contract is presumed to be riding on a wave C from $6.99.
This wave could either end around $6.78-3/4 or extend a lot to $6.66-1/2. Regardless of the ending point, a good bounce is unfolding.
A break above $6.86-1/2 may lead to a gain into $6.88-1/4 to $6.91-1/4 range. On the daily chart, corn is riding on a big wave (C) which could travel to $5.61-3/4.
This wave is controlled by two sets of projection levels. Following its failure to break $6.77-1/2, corn seems to be bouncing towards $6.88.
The pattern around $7.05 looks like a double-top, which will be confirmed when corn breaks $6.77-1/2.
CBOT corn may rise into $6.95-1/2 to $6.98 range
Even though it is not very clear how far the bounce could extend, the Wednesday high of $6.97-1/4 seems to be a limit.
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