SINGAPORE: CBOT March corn may test a resistance at $6.13 per bushel, a break above which could lead to a gain into $6.17-1/2 to $6.20-1/4 range.
The contract is riding on a wave c, which has travelled far above a key resistance at $6.00-3/4, its 61.8% projection level. Chances are it may extend into a wide range of $6.13 to $6.32-1/4.
A drop from the current level may be limited to $6.05-1/2. On the daily chart, corn has climbed above a bullish wedge, which forms a part of a pennant that developed from $5.16-1/4.
The wedge suggests a target of $6.25-3/4, while the pennant a much higher target of $6.75. The only adverse move against the following rise could be a pullback towards the wedge.
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