SINGAPORE: CBOT May corn may retest a resistance at $6.43 per bushel, a break above which could lead to a gain into $6.47-1/2 to $6.55-1/4 range.
The contract is riding on a wave c, which started at $6.23-1/4. This wave is capable of travelling to $6.55-1/4, its 100% projection level.
An inverted head-and-shoulders is taking shape. It has been almost confirmed.
A more bullish target of $6.75 will be worked out once corn stands firm above $6.43.
Support is at $6.35-1/4, a break below which could be followed by a drop into $6.27-3/4 to $6.30-3/4 range.