SINGAPORE: CBOT corn may retest a resistance at $7.14-3/4 per bushel, a break above which could lead to a gain to $7.32-1/2.

About 86.4% of the fall from $7.32-1/2 has been reversed. This high is likely to be revisited.

The rise from $6.02-3/4 has adopted a five-wave mode.

The current rise could be driven by a wave (3), the most powerful wave among the five waves. This wave is expected to travel far above $7.32-1/2.

Immediate support is at $6.93-1/2, a break below which could cause a fall to $6.82-3/4. On the daily chart, corn narrowly missed a resistance at $7.20.

The contract may retest this barrier, as it seems to be riding on an extended wave 5, which is capable of travelling far above $7.35-1/4.

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