SINGAPORE: CBOT May corn may test a support at $7.28-1/4 per bushel, a break below which could cause a fall into $7.04-1/4 to $7.16 range.
The correction from the March 4 high of $7.82-3/4 has resumed, as confirmed by the drop on Monday. It consists of three waves.
The current wave c is expected to travel below the bottom of the wave a around $7.28.
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Resistance is at $7.54-1/4, a break above which could lead to a gain into $7.66 to $7.78-1/4 range.
On the daily chart, corn has broken a support at $7.43-3/4.
The break opened the way towards $7.32-3/4. Even though a further fall is expected, there is no convincing signal of a trend reversal.
A break above $7.61-1/4 may signal a continuation of the uptrend.
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