SINGAPORE: CBOT corn may extend its gains into a range of $7.54-1/4 to $7.66 per bushel, as it has managed to stabilized around a support zone of $7.28-1/4 to $7.35-1/4.

The stabilization suggests a completion of the fall from the March 31 high of $7.70.

Corn may retest a falling trendline, which establishes a resistance around $7.66 as well.

The current rise is classified as a resumption of the uptrend from the March 29 low of $7.13-1/2.

CBOT corn biased to test resistance at $7.66

A break below $7.35-1/4, however, would make this classification invalid.

On the daily chart, the consolidation from $7.82-3/4 is shaped into a flag, which looks like a bullish continuation pattern.

The flag will be confirmed when corn breaks $7.61-1/4.

A break below $7.32-3/4 may open the way towards $7.15-1/4.