SINGAPORE: CBOT March corn is poised to break a resistance at $6.72-3/4 per bushel and rise into $6.76 to $6.81-3/4 range.
The rise on Monday suggests an extension of a wave c from $6.58-1/4.
This wave is unlikely to complete around $6.72-3/4, after it travelled to this level again.
Instead, it may extend to $6.81-3/4.
A wedge may turn out to be a bullish pattern, suggesting a target of $6.81-3/4 as well.
The pattern will be confirmed when corn breaks $6.72-3/4. Support is at $6.67, a break below could open the way towards $6.58-1/4 to $6.63-3/4 range.
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Signals on the daily chart are not as bullish as that on the hourly chart, as corn is stuck in a neutral range of $6.57 to $6.78.
To form a longer-term view, an escape from the range is much needed.
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