SINGAPORE: CBOT March corn may test a resistance at $6.86-1/4 per bushel, a break above which could lead to a gain to $6.92.
The strong rise on Thursday confirms the continuation of a wave c from $6.61-1/4, which may either end around $6.86-1/4 or extend to $7.01-3/4.
This resistance coincides with another one established by the 76.4% projection level of a bigger wave C from $6.48-1/4.
Corn may fail to break these resistances in its first attempt. A drop below $6.80-1/4 could signal the break above $6.81-1/2 was false. A bearish target of $6.76-1/2 will be established then.
CBOT corn to test support at $6.70-3/4
On the daily chart, corn broke a falling trendline and a resistance at $6.78.
The break looks convincing thanks to the preceding two failures on Dec. 30, 2022 and Jan. 18. The break could lead to a gain into $6.90-3/4 to $7.01-1/2 range.
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