SINGAPORE: CBOT corn may approach a resistance at $6.71 per bushel again, as suggested by a triangle and a retracement analysis.

The bounce from the May 17 low of $6.33 may be shaped into a triangle, which consists of five waves. The final wave labeled e is unfolding towards $6.71.

It is hard to tell the nature of the pattern. A break above $6.71 could confirm it as a bullish triangle, suggesting a target of $6.94-1/4.

A break below $6.47-1/2 may cause a fall to $6.33. On the daily chart, the contract looks sideways around a support at $6.52-1/4.

The symmetrical nature of the chart suggests a further consolidation within a range of $6.26-3/4 to $6.84.

Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.