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SINGAPORE: CBOT July corn may break a resistance at $5.91-1/2 per bushel, and rise towards a range of $5.99 to $6.02-1/4. The current bounce may have been driven by a small wave c, the third wave of an irregular flat from the April 28 low of $5.87-3/4.
This wave is capable of travelling to $5.99.
A retracement analysis on the fall from $6.47-1/2 reveals a slightly higher target of $6.02-1/4.
Support is at $5.84-1/4, a break below which could open the way towards $5.76-1/4 to $5.80-1/2 range.
CBOT corn may drop to $6.38-1/4
On the daily chart, a temporary bottom seems to have formed around a support of $5.70-1/4.
The steep fall from the April 18 high of $6.47-1/2 is expected to be further reversed.
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