SINGAPORE: CBOT corn may retest resistance at $5.63-1/4 per bushel, a break above which could lead to a gain to $5.68-1/4.
The contract has pierced above $5.57-3/4, the 100% projection level of an upward wave C from $5.33.
This wave has a better chance of extending to $5.77.
Three smaller waves make up the wave C.
The current wave c has travelled close to $5.63-1/4, its 86.4% projection level.
Chances are it may extend to $5.68-1/4.
Support is at $5.50-1/2, a break below which could cause a fall to $5.46-1/4. On the daily chart, a falling trendline points to a target of $5.76-1/2, which will be confirmed when corn breaks $5.65-1/2.
The big white candlestick on Wednesday somehow guarantees a surge above $5.65-1/2.
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