SINGAPORE: CBOT July corn is expected to test a resistance at $5.91-1/2 per bushel, a break above could lead to a gain to $6.02-1/4. The contract has surpassed a falling trendline, but still building momentum to extend its gains.
Based on the general observation, it is subject to a pullback towards the line.
The pullback may occur around $5.91-1/2, or around $6.02-1/4.
There is no indication of which one could be the triggering point.
Support is at $5.84-1/4, a break below which may be followed by a dip into $5.74-1/2 to $5.79-1/2. Such a dip will be first considered the due pullback.
CBOT corn may test resistance at $5.57-1/4
But a further drop will sound the alarm that the bounce from the May 18 low of $5.47 has been over.
On the daily chart, with the newly acquired momentum on Wednesday, corn is poised to break a resistance at $5.89 and rise towards $6.00-3/4.
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