SINGAPORE: CBOT May corn may test a resistance at $6.93 per bushel, a break above which could lead to a gain to $7.07-1/4.

The contract has stabilised around a support at $6.76-1/4. The stabilisation suggests the completion of the first part of the correction from $7.20-1/2.

The second part, driven by a wave b, is developing towards $7.07-1/4. It must be noted that this wave b may travel to $7.20-1/2.

A break below $6.76-1/4 could open the way towards $6.49.

On the daily chart, the long-shadowed shooting star on Tuesday marks the start of a correction which may last a few days.

Most likely, this correction will be confined in the range of $6.72-1/4 to $7.25-1/4.

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