SINGAPORE: CBOT July corn seems to be consolidating within a box, roughly between $5.95-1/4 and $6.11 per bushel. Its failure to break $6.11 again suggests a fall towards $5.95-1/4.
Wave pattern indicates the formation of a double-flat, which has been rarely seen. But these are simply smart guesses. Until corn leaves the box, it is hard to decide the following direction.
A break above $6.11 could lead to a gain into $6.18 to $6.26-3/4 range.
On the daily chart, the contract remains sideways around a resistance at $6.07-1/2.
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For a few times, signals based on a single candlestick have been misleading.
A surge far above or a drop far below $6.07-1/2 would be good in suggesting the subsequent move.
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