SINGAPORE: CBOT corn may break a resistance zone of $5.68-1/4 to $5.69-3/4 per bushel and rise towards $5.76-1/2, driven by a powerful wave (3).

The zone is formed by the 100% projection level of an upward wave c from $5.33 and the 123.6% projection level of a bigger wave C from $5.06-3/4.

The wave (3) has resumed, as confirmed by the Oct. 29 high at $5.69-1/4, which is higher than $5.68-3/4 touched on Oct. 28.

Support is at $5.63-1/4, a break below which could cause a fall limited to $5.57-3/4 to $5.59-3/4 range. On the daily chart, corn has broken a resistance of $5.65-1/2. The break opens the way towards $5.76-1/2.

A falling trendline establishes a similar resistance around $5.76-1/2. Chances are high that a correction would occur about this level.

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