SINGAPORE: CBOT May corn may fall into a range of $6.32-1/4 to $6.35-3/4 per bushel, as it is poised to break a support at $6.42. The break would confirm the extension of a wave c, towards $6.26 to $6.32-1/4 range.
A retracement analysis on the uptrend from $6.06-3/4 reveals a break below the support of $6.44-1/2. Based on this analysis, corn may fall to $6.35-1/2, which is near $6.35-3/4.
Immediate resistance is at $6.45-1/4, a break above which could lead to a gain into $6.48 to $6.51-1/2 range. On the daily chart, corn is riding on a wave (C), which could travel to $5.92-3/4, its 61.8% projection level.
CBOT corn may edge up to $6.56-1/4
The immediate support is at $6.38-1/4, which looks vulnerable in terms of the strong bearish momentum. Strategically, a realistic target is $6.15-1/2, which will be confirmed when corn breaks $6.38-1/4.
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