SINGAPORE: CBOT May corn may retest a support zone $6.47-1/2 to $6.50-3/4 per bushel, following its failure to break a resistance at $6.55-1/4. The failure suggests a completion of the brief bounce triggered by the support of $6.47-1/2.
The drop from the April 3 high of $6.68-1/2 is full of momentum.
It might be extending towards the bottom of the wave b at $6.23-1/4.
The most optimistic scenario to bulls could be a consolidation in the range of $6.47-1/2 to $6.55-1/4 for one or two days.
A break below $6.47-1/2 could open the way towards $6.39-1/4 to $6.43 range, while a break above $6.55-1/4 may lead to a gain into $6.57-1/4 to $6.59-3/4 range.
On the daily chart, the shooting star on Monday was accompanied by a black candlestick on Tuesday.
Such a combination confirmed a reversal of the bounce from the March 10 low of $6.06-3/4.
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