SINGAPORE: CBOT corn may test a resistance at $5.63-1/4 per bushel, a break above which could lead to a gain into $5.68-1/4 to $5.73-1/4 range.
The correction from the Nov. 2 high of $5.86 seems to be ending around a support at $5.55-1/2, the 38.2% retracement, as suggested by a rising trendline.
After the consecutive retreat over the past three days, bulls could be preparing a counterattack. A break below $5.55-1/2 may cause a fall into $5.46-1/4 to $5.50-1/2 range.
On the daily chart, the current correction was triggered by the upper trendline of a wedge. It is classified as a pullback towards the dotted trendline.
The pullback is likely to end around the dotted line, followed by a rise towards $5.76-1/2.
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